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.


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.


"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 "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.


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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