CBRE Global Investors Fund Acquires Six-Building Industrial Portfolio in Chicago Area
30 Jan 2018
CBRE Strategic Partners U.S. Value 8 has acquired a six-building portfolio of Class A warehouse and manufacturing buildings totaling over 1.4 million square feet in master-planned business parks within Chicago’s two largest industrial submarkets. The portfolio is 95 percent leased to six tenants.
The portfolio includes five buildings located along Chicago’s major east-west thoroughfare and one building located adjacent to the major north-south tollway:
- 2700 Ellis Road, Joliet, Illinois
- 2101 W. Haven Road, New Lenox, Illinois
- 2201 W. Haven Road, New Lenox, Illinois
- 2200 W. Haven Road, New Lenox, Illinois
- 2520 Diehl Road, Aurora, Illinois
- 494 E. Lies Road, Carol Stream, Illinois
The buildings in the high-quality, well-leased portfolio range in size from 90,000 to 690,000 square feet and have attributes that are attractive to a wide range of users, such as 24-foot to 32-foot clear heights, ESFR sprinklers, 6-inch to18-inch reinforced concrete slab floors, above-standard trailer and car parking, and excess land for possible expansion. Four of the six buildings in the portfolio were constructed as build-to-suits for the existing tenants.
Between a quarter and a third of all freight tonnage nationally goes through Chicago, which is a focus market for the fund.
“Chicago is an attractive logistics market due to its central location, abundance of infrastructure and numerous freight transportation modes, and availability is at the lowest rate since 2000,” said Robert Perry, Portfolio Manager for CBRE Strategic Partners U.S. Value 8. “Additionally, the SW/1-55 Corridor and West Suburban submarkets where these assets are located are expected to outperform the Chicago metro in terms of rent growth. Given both the quality and locations of the buildings, this portfolio perfectly suits the fund’s national industrial strategy, and we welcome more opportunities to make similar investments.”
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $98.3 billion in assets under management* as of September 30, 2017.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.