|
John Huguenard |
CHICAGO, IL – JLL Capital
Markets announcedit 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.
|
Ed Halaburt |
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.
|
Sean Devaney |
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.
|
Kurt Sarbaugh |
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.
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.
|
Robin Stolberg |
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: investcorp.com and
follow us @Investcorp on LinkedIn, Twitter and Instagram.
CONTACT:
Kimberly Steele
JLL Senior Associate
Public Relations
Phone: +1 713 852 3420
jll.com.
(bay-grove.com)
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