By Jeff Hamann
Plymouth Industrial REIT has acquired a light manufacturing building in Elgin, Ill., a northwest suburb of Chicago. The property’s 75,047 square feet have been leased back to Burndy Engineering, a division of Hubbell Corp., which sold the property in a $4.1 million all-cash transaction.
Located at 440 S. McLean Blvd., the property is less than five miles south of Interstate 90, enabling access to Chicago’s O’Hare International Airport 20 miles to the east. The building sits at the edge of an industrial district, home to tenants including XPO Logistics, Haumiller Engineering and Elgiloy Specialty Metals, among others. Elgin Community College is also located a half mile away from the property.
“We continue to grow and diversify our presence in Chicago in strong submarkets. Burndy has a long and successful history at 440 McLean Blvd.,” said Pendleton White Jr., president & chief investment officer of Plymouth, in a prepared statement. “Situated in an infill market and a much-preferred location for tenants with one of the best manufacturing labor forces in the greater Chicago area, this building is a great fit for our strategic expansion in Chicago.”
This acquisition brings Plymouth’s holdings in the Chicago area to 22 buildings totaling approximately 3.7 million square feet. In December, the company paid almost $100 million to acquire a 15-property industrial portfolio from Goldman Sachs.
Images courtesy of Plymouth Industrial REIT