{"id":1004691972,"date":"2023-11-28T03:53:07","date_gmt":"2023-11-28T11:53:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004691972"},"modified":"2023-11-28T03:53:09","modified_gmt":"2023-11-28T11:53:09","slug":"hines-acquires-1-1-msf-industrial-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/","title":{"rendered":"Hines Acquires 1.1 MSF Industrial Campus"},"content":{"rendered":"
\"Hines<\/a>

Hines has acquired a two-building, 1.1 million-square-foot industrial campus at 4700\/4800 and 5000 Proviso Drive in the Chicago suburb of Melrose Park, Ill. Image courtesy of Hines<\/em><\/p><\/div>\n

Hines<\/strong> has acquired the Chicago Prime Portfolio, a two-building, 1.1 million-square-foot industrial campus at 4700\/4800 and 5000 Proviso Drive in the Chicago suburb of Melrose Park, Ill. The seller was AEW Capital Management<\/strong>, according to CommercialEdge data.<\/p>\n

The Chicago Prime Portfolio consists of two industrial facilities with 32- and 35-foot clear ceilings, one dock per 5,000 square feet, 159 trailer parking positions, and dual rail loading.<\/p>\n

The portfolio is 100 percent leased to three logistics tenants that have all occupied their spaces for about 20 years.<\/p>\n

\n

READ ALSO<\/strong>: Are Suburban Office-to-Industrial Conversions Feasible?<\/a><\/p>\n

\n

The campus is close to the Union Pacific Global 2 intermodal terminal in Northlake, the I-294 \/ I-290 interchange, the I-294\/I-290\/I-88 interchange, the future I-490\/I-294 interchange and Chicago O\u2019Hare International airport.<\/p>\n

Hines will serve as the portfolio\u2019s property manager and intends to implement \u201ca strategic value-add capital improvement plan\u201d there.<\/p>\n

CBRE<\/strong> represented AEW Capital Management in the transaction.<\/p>\n

Tight market<\/h2>\n

In a prepared statement, Will Renner, senior managing director at Hines, described the portfolio as \u201ca compelling opportunity given its strategic infill location in the densely populated O\u2019Hare submarket.\u201d<\/p>\n

The statement added that this submarket has \u201cattractive fundamentals, limited supply and robust demand. Bulk industrial sites in particular are scarce and challenging to develop in this submarket.\u201d<\/p>\n

Industrial leasing in Chicagoland this year has been characterized by slower activity and a sharp rise in renewals, according to a third-quarter report from Avison Young<\/strong>, which commented that the leasing slowdown \u201cis particularly significant as it marks the first time, we have observed such a notable drop.\u201d<\/p>\n

Still, a nearly 21 percent year-over-year decrease in deliveries has helped to hold overall vacancy at 4.5 percent and bolster rents, which have risen by 24.7 percent since 2019.<\/p>\n

The O\u2019Hare submarket is seeing a stable vacancy of just over 4 percent, with about 1.3 million square feet of deliveries year-to-date and just 230,000 square feet in the pipeline, on an inventory of 111.8 million square feet, Avison Young reported.<\/p>\n

In September, Trammell Crow Co<\/strong>. secured equity financing<\/a> from Standard Real Estate Investments<\/strong> for its 217,000-square-foot, 17-acre Woodridge Industrial Center in Woodridge, Ill.<\/p>\n","protected":false},"excerpt":{"rendered":"

The two-building infill property in suburban Chicago is fully leased.<\/p>\n","protected":false},"author":882,"featured_media":1004691999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21808,21748,21783,13,21742],"tags":[33758,33022,32789,32797],"class_list":["post-1004691972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-featured","category-industrial","category-investment","category-midwest","category-latest","tag-aew-capital-management","tag-avison-young","tag-cbre","tag-hines"],"acf":[],"yoast_head":"\nHines Acquires 1.1 MSF Industrial Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Hines has acquired a two-building, 1.1 million-square-foot industrial campus in the Chicago suburb of Melrose Park, Ill.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Acquires 1.1 MSF Industrial Campus\" \/>\n<meta property=\"og:description\" content=\"Hines has acquired a two-building, 1.1 million-square-foot industrial campus in the Chicago suburb of Melrose Park, Ill.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-28T11:53:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-28T11:53:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Hines-has-acquired-the-Chicago-Prime-Portfolio.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"798\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/\",\"name\":\"Hines Acquires 1.1 MSF Industrial Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Hines-has-acquired-the-Chicago-Prime-Portfolio.jpg\",\"datePublished\":\"2023-11-28T11:53:07+00:00\",\"dateModified\":\"2023-11-28T11:53:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Hines has acquired a two-building, 1.1 million-square-foot industrial campus in the Chicago suburb of Melrose Park, Ill.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-1-1-msf-industrial-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Hines-has-acquired-the-Chicago-Prime-Portfolio.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Hines-has-acquired-the-Chicago-Prime-Portfolio.jpg\",\"width\":798,\"height\":600,\"caption\":\"Hines has acquired the Chicago Prime Portfolio, a two-building, 1.1 million-square-foot industrial campus at 4700\/4800 and 5000 Proviso Drive in the Chicago suburb of Melrose Park, Ill. 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