By Keith Loria, Contributing Editor
A joint venture between Green Door Capital and Citimark Inc. has acquired an industrial portfolio consisting of seven properties totaling 447,059 square feet in the Chicago MSA. Globe Corp. sold the assets for $38 million.
“The portfolio comprises very well-maintained and well-occupied assets that we are pleased to have acquired,” Shannon Westberg, Green Door Capital’s principal, said in a prepared statement.
A trio of the properties are situated in Chicago’s Northwest Cook Industrial submarket. They are located at 5120 Prairie Stone Parkway in Hoffman Estates, 1124 Tower Road and 1555-1559 Brasswood Road in Schaumburg. Two others are situated in the busy I-80 Industrial corridor. Those comprise 3225 Corporate Dr. and 3301-3301 Corporate Dr. in Joliet. The two remaining properties in the portfolio include 454 Scott Dr. in Bloomingdale, which is in the North DuPage submarket; and 3720 Prairie Lake Court in Aurora, which is located in the I-88 Industrial corridor.
HFF arranged the deal on behalf of the seller. Upon closing, the portfolio was 93 percent leased to 10 different tenants. Globe Corp. developed several of the properties and has owned all seven for more than 10 years.
“The sale of the seven properties reflects a broader strategy within Globe Corp. to partner with and develop larger projects in our core markets,” Bert Getz, Jr., Globe Corp.’s co-CEO, said. “We are pleased with the execution provided by the HFF team.”
Strong industrial activity
The industrial market in the Chicago area is considered the second-largest in the U.S., which created a great deal of interest in the portfolio.
Cushman & Wakefield’s Chicago Industrial Market report for the third quarter of 2018 noted that the segment has been extremely active in 2018, with new leasing deals totaling 21.4 million square feet, which is a 52.9 percent increase year-over-year.
HFF’s investment advisory team comprised Senior Directors Kurt Sarbaugh and Robin Stolberg, Managing Director Stephen Skok and Analyst Sam Berry.
In August, Broadband service provider WOW! leased 39,620 square feet of space in one of the buildings at Globe Corp.’s Cantera business park in Warrenville, Ill.
Image courtesy of Globe Corp.