ARLINGTON HEIGHTS, IL-Alex. Brown Realty Inc., based in Baltimore, and Chicago-based Sydney Partners LLC have purchased 545 E. Algonquin Rd., a 111,355-sf flex/industrial building, for $7 million. The northwest suburban property in the O’Hare submarket is about 80% occupied and known as 545 Algonquin Industrial Park. This is the third such purchase for the recently formed partnership between the two real estate investment firms.

“We thought it was very well priced and we thought we could manage it better than the previous owner,” Tom Burton, ABR’s CIO, tells “We’ve been buying industrial assets around the Midwest. It’s an attractive product type, so you don’t see it priced like this very often.”

ABR Chesapeake Fund III, a value-add real estate investment fund sponsored by ABR, provided an equity commitment of $2.9 million to the venture. The ABR/Sydney partnership has already purchased industrial parks in Indianapolis and Des Moines, IA. With leverage around 65%, ABR and Sydney expect the portfolio’s investment capacity to be about $70 million.

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