X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRYSTAL LAKE, IL-CenterPoint Properties Trust Inc. has bought four industrial buildings here totaling 506,022 sf from Newark, NJ-based Prudential Insurance Co. of America, which reportedly got $20 million for the assets. The Oak Brook-based REIT’s 2003 acquisitions have averaged about $43 per sf, which would put the deal in the $22 million range.

All four buildings are in the Crystal Lake Business Center near Northwest Highway and Pingree Road in this northwest suburb about 50 miles from Chicago.

The buildings also include a 118,040-sf warehouse on eight acres at 450 Congress Pkwy. Glashaus Inc. is the main tenant in the building constructed in 1994.

CenterPoint also acquires a 115,600-sf warehouse on 7.4 acres at 220 Exchange Dr. Follet Corp. is the main tenant in the warehouse, built in 1995.

Mark B. Goode, and Roy L. Splansky, both Principals of Venture One Real Estate LLC, were the exclusive agents representing Prudential Insurance in the disposition of the portfolio. Assisting Venture One in the transaction was Noel S. Liston, senior associate of Elmhurst, IL-based Darwin Realty & Development Corp.

According to Splansky, Venture One received more than a dozen offers for the portfolio from both private and institutional investors. “The high level of interest in this offering was indicative of the quality of the properties,” he says.

All four buildings are leased to local and national tenants who represent a diverse group of industries including the financial, service, medical, manufacturing and distribution sectors. The pre-cast concrete facilities, developed between 1994 and 2001, were designed to accommodate warehouse, distribution or manufacturing users, and all are divisible to 15,000 sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.