Colliers International’s Jeff Devine and Steve Disse recently represented JP Morgan in the sale of a six-building, 1.4 MSF industrial portfolio in metro Chicago to a comingled fund managed by CBRE Investors. Sale price was approximately $95 million.
The Class A warehouse/distribution facilities were institutionally maintained under former ownership and provide immediate access to the interstate highway system. All are located in several of Chicago’s most desirable, master planned business parks. The portfolio included:
- 494 E. Lies Road, an 89,380 SF facility in the Carol Point Business Center in Carol Stream
- 2520 Diehl Road, a 130,000 SF facility in the White Oak Business Park in Aurora
- 2700 Ellis Road, a 689,654 SF facility; 2101 Haven Road, a 186,600 SF facility; 2201 Haven Road, a 115,000 SF facility; and 2200 Haven Road, 204,940 SF facility – all in the Cherry Hill Business Park in New Lenox
Collectively, the buildings were 100% leased to seven tenants at sale.
“This was a great opportunity for an investor to establish a substantial position in institutional quality Chicago industrial product,” added Devine.