The seller was a "private partnership in Chicago," Szady says."They built it and have owned it for over 20 years." The majorityof the 10 properties in the portfolio are in the O'Haresubmarket.

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Szady, Jim Carpenter and Joe Voet, all with Cushman &Wakefield's Chicago-based capital markets group, marketed theportfolio and represented the seller. The portfolio consists of 619Thomas Dr., 626-630 Thomas Dr., 634-644 Thomas Dr. and 222-230Sivert Court in Bensenville. The portfolio also consists of1367-1407 Barclay Blvd., 1250 Barclay Blvd. and 1278-1300 BarclayBlvd. in Buffalo Grove. Additional portfolio properties are locatedat 949-953 N. Larch Ave., Elmhurst and 571-599 N. Edgewood Ave. and341-361 Haynes Dr. in Wood Dale.

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"These are buildings that you cannot find or build in thatarea," Szady says. "There is no land, west of O'Hare [InternationalAirport] is landlocked." The portfolio is 92% leased with theproperties near O'Hare 100% leased, Szady tells GlobeSt.com. "Thisis great cash flow," he says. The majority of the buildings wereconstructed between 15 and 20 years ago. "These were morevintage-orientated assets" but are still very functional buildings,he says.

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The deal is the third industrial portfolio sale in Chicago sofar this year, Szady says. Heitman acquired a portfolio inBolingbrook and Chicago-based Fifield Cos. also sold a portfolio toRreef last month, Szady says. "These three deals were all below 6%on existing income," he says. "That is very aggressive pricing anddemonstrates Chicago industrial is one of the most desirablemarkets in the country."

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