Institutional-quality, value-add portfolio trades in metro Chicago
JLL handles $86 million sale of 1.17MSF Chicago industrial portfolio
CHICAGO, March 29, 2018 —JLL's Capital Markets experts announced the company has completed the sale of a 1.17 million-square-foot, 11-property portfolio of high quality industrial buildings across Chicago on behalf of an institutional client. Boston-based High Street Realty Company, LLC paid $86 million for the 86 percent-leased portfolio on behalf of High Street Real Estate Fund V, L.P.
International Director John Huguenard, Managing Director Sean Devaney and Senior Vice President Ed Halaburt led the JLL team handling the transaction, along with assistance from JLL's local market experts which included Steve Trapp and Steve Ostrowski.
"This portfolio offered the buyer the opportunity to acquire scale, over 1 million square feet, of prime industrial product, in three highly sought after submarkets in the Chicago area, in a single transaction," said Huguenard. "This portfolio provided the rare opportunity for the buyer to add value over time to an impeccably maintained portfolio of single and multi-tenant industrial assets," he added.
The portfolio consists of eleven buildings, seven of which are fully leased and are located in the Lake County submarket. They are: 801, 901 and 1001 Technology Way in Libertyville and 900, 909,1000 Asbury Drive and 911 Commerce Court in Buffalo Grove. Additionally, a 74,024 square foot building at 1001 Asbury Drive in Buffalo Grove will be available for lease as of July 31, 2018.
The portfolio also includes two assets in the I-55 submarket: 101 Corporate Center in Lemont and 755 Remington Boulevard in Bolingbrook. It is rounded out by 2050 Hammond Drive, a 66,557 square foot building now available for lease in Schaumburg in the Northwest Cook County market.
All three submarkets have experienced strong leasing activity. Lake County has achieved seven consecutive quarters of positive net absorption and has a vacancy rate lower than Chicago's overall average. The I-55 submarket has been Chicago's most active leasing market, accounting for 17 percent of all leasing volume over the past three years, and Northwest Cook County has seen less than 1 million square feet of new industrial development in the last decade.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.