By Ioana Neamt, Associate Editor
Chicago—The I-88 Gateway Logistics Center in North Aurora, Ill., has found new ownership in American Realty Advisors. The Glendale, Calif.-based company acquired the 604,565-square-foot industrial asset for an undisclosed price from a joint venture between The Opus Group and USAA Real Estate Co. Jeffrey Devine and Steven Disse of Colliers represented the seller in the transaction.
Located on a 32.5-acre site roughly 40 miles west of the Chicago CBD, the facility is fully occupied by Midwest Warehouse & Distribution System Inc. The company signed a long-term lease agreement through 2022 at the speculative industrial building that was completed in October 2014. The facility incorporates the following features:
- 32-foot clear heights;
- 60 cross-dock truck doors;
- Four drive-in doors;
- ESFR fire protection and T5 lighting;
- A fully air-conditioned, food-grade facility;
- Secured parking with 63 trailer stalls;
- 46 trailer staging bays with an additional 63 future trailer stalls; and
- 300 parking spaces.
“Overall, this is the type of core industrial property that fits very well in our portfolio,” said Ray Kivett, managing director of investments at American Realty Advisors. “The center’s great location, strong tenant profile, and high-quality construction are three of the factors that we believe will provide our investors with an attractive cash flow stream and overall return profile.”
American Realty Advisors has more than $7.4 billion in assets under management and has been providing real estate investment management services for more than 27 years. The company recently expanded its retail portfolio with the acquisition of Criterion on the Promenade in Santa Monica, Calif.
Image courtesy of The Opus Group