JLL closes sale of Chicago cold storage portfolio

Lineage Logistics purchased the 3-property portfolio in high barrier-to-entry locations 

June 04, 2020

CHICAGO, June 4, 2020 – JLL Capital Markets announced today that it has closed the sale of a three-property cold storage portfolio totaling 712,051 square feet in high barrier-to-entry Chicago markets.

JLL marketed the portfolio on behalf of the seller, Investcorp, a leading global provider and manager of alternative investments. Lineage Logistics, which is controlled and operated by Bay Grove, purchased the assets.   

The portfolio comprises 2635 S. Western Ave. and 2658 S. Leavitt St. in Chicago; 8424 W. 47th St. in Lyons; and 1544-46 Hecht Dr. in Bartlett. These facilities provide tenants with easy access to Chicago’s urban core population, and each location is known for its food-oriented user base and benefits not only from the region’s population base of 9.5 million but also for being one of the leading food production centers in the world. The portfolio is 100 percent leased to 11 tenants and features clear heights ranging from 24 to 48 feet and ambient temperatures ranging from down to -10. Additionally, it represents one of the few multi-property, multi-tenant cold storage transactions nationally.

The JLL Industrial Capital Markets team representing the seller was led by Senior Managing Director John Huguenard and Senior Director Ed Halaburt along with Managing Director Sean Devaney and Senior Directors Kurt Sarbaugh and Robin Stolberg.

“What is unique about this cold storage portfolio is that it is a multi-tenant portfolio with fewer than four years of average remaining lease term that was able to close in spite of uncertainty caused by the COVID-19 pandemic,” Halaburt said.

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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Investcorp

Investcorp is a leading global manager of alternative investments. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The Firm continues to focus on generating value through a disciplined investment approach in six lines of business: private equity, real estate, absolute return investments, infrastructure, credit management and strategic capital.

As at December 31, 2019, the Investcorp Group had $31.1 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.

Since its inception in 1982, Investcorp has made over 195 Private Equity deals in the US, Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 800 commercial and residential real estate investments in the U.S. and Europe, for in excess of $61 billion in transaction value.

Investcorp employs approximately 450 people across its offices in New York, London, Bahrain, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore. For further information, including our most recent periodic financial statements, which details our assets under management, please visit: and follow us @Investcorp on LinkedIn, Twitter and Instagram.

About Bay Grove

Bay Grove is a principal investment firm dedicated to partnering with strong management teams to invest in and build long-term platform investments. Since 2008, Bay Grove has built Lineage Logistics through acquisitions and investments completed in partnership with entrepreneurs, customers and employees. The firm has deep experience in the warehousing and logistics industry and also seeks to make investments in other attractive sectors. Bay Grove is based in San Francisco. (

About Lineage Logistics 

Lineage is the world’s largest and most innovative provider of temperature-controlled logistics solutions. Lineage’s expertise in end-to-end logistical solutions, its unrivaled real estate network, and its use of technology combine to promote food safety, increase distribution efficiency, advance sustainability, lessen environmental impact, and minimize supply chain waste. As a result, Lineage helps customers ranging from Fortune 500 companies to small family-owned businesses increase the efficiency and protect the integrity of their temperature-controlled supply chain. In recognition of the company’s leading innovations, Lineage was recognized as the No 1. Data Science company on Fast Company’s Annual list of The World’s Most Innovative Companies in 2019, in addition to ranking 23rd overall in an evaluation of thousands of companies worldwide. (