Update: IRG Sells True Value Distribution Facility in Chicago Suburb
The Los Angeles-based commercial and industrial investment firm sold the property, which is fully leased to True Value, to a joint venture of Brennan Investment Group, LLC of Chicago and Greenwich, CT-based Arch Street Capital Advisors, LLC.
HARVARD, IL—Industrial Realty Group has announced that it has sold its 1.3-million-square-foot fully occupied industrial building at 308 South Division St. here.
The Los Angeles-based commercial and industrial investment firm sold the property, which is fully leased to True Value, to a joint venture of Brennan Investment Group, LLC of Chicago and Greenwich, CT-based Arch Street Capital Advisors, LLC. Globest.com reported the sale last week and has since learned from a source close to the deal that the industrial property sold for approximately $30 million. A spokesperson for IRG did not comment on the reported sale price.
“IRG is typically a long-term holder of commercial real estate,” says John Mase, CEO of IRG. “We have effectively owned and managed the project since 2014. However, we have decided to hand the property off to a renowned, private investment firm and will continue to aggressively pursue acquisition opportunities throughout the country.”
IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing more than 150 properties in 28 states with more than100 million square feet of rentable space.
Colliers brokerage leaders, David Berglund, SVP| Minneapolis-St. Paul and Tom Shepherd, CCIM and partner |Wisconsin represented IRG in the transaction.
“This was a great transaction to work on with IRG. We had strong interest in this property and were able to capitalize on the equity-chasing, single tenant, net lease, industrial property demand across the country,” Colliers’ Berglund says.
Chicago-based True Value began construction in February on a new $150-million distribution facility in Hanover Township, PA.
The 1-million-square-foot distribution facility will support the entire northeast region, which consists of more than 1,000 retail locations.
At the time of the announcement earlier this year, True Value stated it operated 13 distribution centers in Arizona, California, Colorado, Georgia, Illinois, Minnesota, Missouri, New Hampshire, Ohio, Oregon, Pennsylvania and Texas.