Elgin Area Chamber Of Commerce: Top Property Sales Recognized For Chicago

Press release from the Elgin Area Chamber of Commerce:

February 22, 2022

A prominent industrial deal handled by Eastdil Secured and an industrial disposition arranged by Eastdil Secured and CBRE are among the top fourth quarter property sales recognized by CoStar.

As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the local community. CoStar recognized the largest deals completed during the fourth quarter in their respective markets.

Here are the Chicago property sales selected as the fourth quarter 2021 winners of the CoStar Power Broker Quarterly Deal Awards:

TOP SALE: ProLogis Park 80, 100 Prologis Parkway, Morris, IL - Part of Portfolio

Sale Price: $375,428,581 (allocated)*

Sale Date: October 29, 2021

Size: 4,931,178 SF

Buyer: GIC Real Estate, Singapore and EQT Exeter, Conshohocken, PA

Seller: EQT Exeter, Conshohocken, PA

Brokers Involved: Jay Borzi of Eastdil Secured represented the seller.

Deal Commentary: This fourth quarter warehouse portfolio sale by the real estate arm of global investment firm EQT not only was the largest U.S. industrial real estate deal of the fourth quarter, it was also one of the biggest ever on record, the latest sign of increasing investor demand for industrial properties as more Americans shop online. The portfolio consists of more than 300 supply-chain and e-commerce facilities assembled through more than 100 transactions over three years and spans the top five U.S. distribution markets of New York, Dallas, Atlanta, Chicago and Los Angeles, as well as key e-commerce and air cargo hubs in Indianapolis; Columbus, Ohio; Memphis, Tennessee; and Louisville, Kentucky. GIC Real Estate, a global investment firm set up to manage Singapore’s foreign reserves, led the group that acquired the portfolio, while EQT Exeter retained management and an ownership stake.

*Part of a portfolio sale

TOP SALE: 6100-6150 W. Howard St., Niles, IL - Part of Portfolio

Sale Price: $310,899,999 (allocated)*

Sale Date: November 3, 2021

Size: 4,062,270 SF

Buyer: Westmount Realty Capital, Dallas, TX, and Ares Real Estate Management Holdings, Los Angeles, CA

Seller: Westmount Realty Capital, Dallas, TX

Brokers Involved: Brian Budnick and Josh McArtor of Eastdil Secured and Michael Caprile of CBRE represented the seller.

Deal Commentary: Westmount Realty Capital and Ares Real Estate Management Holdings were involved in the recapitalization of a 51-property portfolio totaling 6.1 million square feet of industrial space throughout the Chicago and Milwaukee markets for a total of $395.5 million. The portfolio consists of primarily infill, multitenant industrial properties with the majority of the portfolio being located near O’Hare International Airport. It was reported that at the time of the sale, the portfolio was 98.8% leased to a mix of national and regional tenants. The allocated price above represents the estimated sale price for just the properties located in the Chicago market.

*Part of a portfolio sale

TOP SALE: 12301-12325 S. Laramie Ave., Alsip, IL - Part of Portfolio

Sale Price: $264,504,868 (allocated)*

Sale Date: November 19, 2021

Size: 2,605,485 SF

Buyer: Blackstone Real Estate Income Trust, New York, NY

Seller: Cabot Properties, Boston, MA

Brokers Involved: CBRE and Jay Borzi of Eastdil Secured represented the seller.

Deal Commentary: Blackstone has closed on a 102-property industrial portfolio from Cabot Properties totaling 15 million square feet and consists of the assets from the Cabot Industrial Value Fund V, which the seller had acquired or developed in multiple deals since 2017. The entire portfolio sold for just over $2.3 billion. The allocated price above represents the estimated sale price for just the properties located in the Chicago market. About 14 properties from the Chicago market were included in this sale.

*Part of a portfolio sale

TOP SALE: Portfolio of 4 Office Properties

 
510 Lake Cook Road, Deerfield, IL (CoStar)

Sale Price: $178,250,000

Sale Date: November 15, 2021

Size: 696,770 SF

Buyer: Opal Holdings, New York, NY

Seller: Barings Real Estate Advisers, Hartford, CT

Brokers Involved: Stephen Livaditis of Eastdil Secured represented the seller.

Deal Commentary: Opal Holdings, a real estate investment firm based in New York City, acquired the Corporate 500 Centre office park in Deerfield, Illinois, for $178.25 million, or about $256 per square foot. The seller was Barings Real Estate Advisers, which acquired the complex in 2015 for $153.8 million. Corporate 500 Centre is a four-building office campus located between interstates 294 and 94. It is the only suburban office complex with direct access to the commuter rail system and downtown Chicago via the Lake Cook Metra Station.

TOP SALE: Portfolio of 3 Industrial Properties

 
775 Veterans Parkway, Bolingbrook, IL (CoStar)

Sale Price: $155,000,000

Sale Date: December 20, 2021

Size: 923,311 SF

Buyer: Kohlberg Kravis Roberts & Co., New York, NY

Seller: Crow Holdings Industrial, Chicago, IL

Brokers Involved: Michael Caprile of CBRE represented the seller.

Deal Commentary: KKR Real Estate Select Trust, the latest investment fund from global investor KKR, paid $155 million to acquire this three-building industrial park in greater Chicago from developer, Crow Holdings Industrial. Known as Veterans Point Bolingbrook, the park totals 923,311 square feet across 775 and 825 Veterans Parkway and 850 Windham Parkway, and is anchored by Unis and Roadrunner Transportation Systems.

TOP SALE: Butterfield Center, 2350 Frieder Lane, Aurora, IL - Part of Portfolio

 
2350 Frieder Lane, Aurora, IL (CoStar)

Sale Price: $128,189,056 (allocated)*

Sale Date: October 21, 2021

Size: 1,035,810 SF

Buyer: Black Creek Group, Denver, CO

Seller: Nuveen, New York, NY

Brokers Involved: Brian Budnick of Eastdil Secured represented the seller.

Deal Commentary: Black Creek Group purchased a portfolio of industrial properties from Nuveen for a total of $1.261 billion. The portfolio totals more than 9.2 million square feet across the country, and was 80% occupied at the time of sale. The allocated price above represents the estimated sale price for just the assets located in the Chicago market.

*Part of a portfolio sale

TOP SALE: 2000 Arthur Ave., Elk Grove Village, IL - Part of Portfolio

 
2000 Arthur Ave., Elk Grove Village, IL (CoStar)

Sale Price: $121,980,623 (allocated)*

Sale Date: October 21, 2021

Size: 1,553,555 SF

Buyer: Blackstone Real Estate Income Trust, Inc., New York, NY

Seller: WPT Industrial Real Estate Investment Trust, Toronto, Canada

Brokers Involved: Jay Borzi of Eastdil Secured, LLC represented the seller. Eastdil Secured, LLC also represented the buyer.

Deal Commentary: Blackstone purchased WPT Industrial Real Estate Investment Trust’s entire portfolio of 113 industrial, flex, specialty and land properties across 19 states in a $3.2-billion, all-cash deal as part of its acquisition of the Canadian REIT. Following the acquisition of WPT Industrial Real Estate Investment Trust, former members of the WPT management team continue to do business as the independently owned and operated WPT Capital Advisors. The allocated price above represents the estimated sale price for just the assets located in the Chicago market.

*Part of a portfolio sale

TOP SALE: Park Ridge Commons, 9030 Kennedy Drive, Des Plaines, IL

 
9030 Kennedy Drive, Des Plaines, IL (CoStar)

Sale Price: $117,500,000

Sale Date: December 23, 2021

Size: 941,168 SF

Buyer: Bayshore Properties, Merrillville, IN

Seller: H.A. Langer & Associates, Chicago, IL

Brokers Involved: Matt Halper, Danny Mantis and Lee Kiser of Kiser Group represented both sides of the deal.

Deal Commentary: Park Ridge Commons, a 752-unit multifamily property in Des Plaines, Illinois, sold for $117 million. The community amenities include a clubhouse, swimming pool, fitness center, tennis courts and laundry facilities. H.A. Langer & Associates had owned the garden-style property for 25 years.

TOP SALE: Portfolio of 7 Properties

 
6220 W. 73rd St., Bedford Park, IL (CoStar)

Sale Price: $102,150,000

Sale Date: October 15, 2021

Size: 1,309,515 SF

Buyer: MDH Partners, Atlanta, GA

Seller: Link Logistics Real Estate, New York, NY

Brokers Involved: Michael Caprile of CBRE represented the buyer.

Deal Commentary: This portfolio of seven properties, all located in Bedford Park, totals just over 1.3 million square feet and is 96% leased to seven tenants. Tenants for the six industrial buildings include Heligear Acquisition Co., an aerospace component manufacturer; Trimark Marlinn, a foodservice equipment supplier; Power Stop, an automotive supply company; Nexus Distribution, a third-party logistics operator; Westrock CP, a global paper and packaging company; and Bus & Truck of Chicago, Inc., a large vehicle service shop. The 150-stall secured trailer lot is leased by FedEx Ground Package Systems.

TOP SALE: TGM Retreat at Danada, 22 Vivaldi Court, Wheaton, IL

 
22 Vivaldi Court, Wheaton, IL (CoStar)

Sale Price: $98,000,000

Sale Date: October 13, 2021

Size: 347,427 SF

Buyer: TGM Communities, New York, NY

Seller: CBRE Investment Management, Los Angeles, CA

Brokers Involved: John Jaeger and Justin Puppi of CBRE represented the seller.

Deal Commentary: TGM acquired the 295-unit Retreat at Danada for $98 million. The property was built in 1997 and offers tenants one-, two- and three-bedroom townhouse-style apartments. On-site amenities include a newly renovated clubhouse, athletic club, pet spa and swimming pool in conjunction with easy access to nearby shopping and entertainment destinations. "TGM Retreat at Danada is in the highly desirable City of Wheaton which is a high barrier to entry submarket with a solid employment base, nationally ranked schools, and superb access to the regional suburbs and downtown Chicago," said Zach Goldman, ,managing principal and chief operating officer for TGM. "Wheaton, the county seat of DuPage County, is a vibrant and appealing community for a variety of lifestyles as evidenced by its Money Magazine recognition as one of the 'Best Places to Live.'" This property marks TGM's seventh multifamily investment in the Chicago market.

Source: www.CoStar.com

This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author’s own.