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1-88 Gateway Logistics Center, Metro Chicago, IL
Chicago, IL, Jan. 25, 2016 – American Realty
Advisors announced the acquisition of the I-88
Gateway Logistics Center, a 604,565 square-foot industrial property in the
metro Chicago area. The building is currently fully leased to a large
distribution tenant through 2022.
According to Ray Kivett, American’s Managing
Director, Investments, this acquisition will make a great addition to
American’s industrial portfolio, as the purchase secures an asset with a high
quality, long-term tenant in a strong market.
“Overall, this is the type
of core industrial property that fits very well in our portfolio. The center’s
great location, strong tenant profile, and high quality construction are three
of the factors that we believe will provide our investors with an attractive
cash flow stream and overall return profile,” says Kivett.
Built in 2014, the property
is located in the I-88 West Industrial submarket of the Chicago MSA and is
approximately 40 miles due west of the Chicago Central Business District.
|
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| Jeffrey Devine |
The
property sits on a 32.59 acre site and has 32-foot clear heights, 60 cross-dock
truck doors, four drive-in doors, ESFR fire protection, a fully air conditioned
food grade facility, secured trailer parking with 63 trailer stalls, 46 trailer
staging bays with an additional 63 future trailer stalls, and 300 parking
spaces.
“The newly constructed I-88 Gateway Logistics
Center features many of the optimal attributes for an industrial property, and
the center is situated within one of the strongest submarkets in the
region.
In addition, the layout of the
asset provides flexibility in serving both large and medium size tenants as the
space could eventually be demised down the middle to provide two cross-docked
spaces,” adds Kivett.
“The property represents a
high quality addition to our Chicagoland industrial portfolio that we are very
excited to continue to grow,” noted Kivett.
The seller, a joint
venture between Opus and USAA Real Estate Company, was represented by Jeffery Devine and Steven Disse of
Colliers.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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