X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

WAUKEGAN, IL-ProLogis, headquartered in Denver, has acquired three industrial buildings with a total of approximately 544,000 sf for more than $30 million. ProLogis has purchased two buildings here at 1710 S. Lakeside Dr. and 3800 Sunset Ave. and purchased a building at 725 Landwehr Road in Northbrook. Cap rates were not disclosed.

The 209,000-sf building at 3800 Sunset Ave. was purchased from 3800 Sunset Partners LLC, a private investment company. The building is currently 52% leased by Corn Fields Inc. and Shogren Performance Marine. The 146,000-sf building at 1710 S. Lakeside Dr. was purchased from Chicago-based Medline Industries Inc., which will lease the building from ProLogis. The 189,000-sf building in Northbrook was purchased from the Chicago-based Revell Group LLC, who will also lease the building from ProLogis. Lease rates for the building’s leased by Medline and Revell were not disclosed. The asking lease rate for the building at 3800 Sunset Ave. is $4.05 per sf, says Dave Riefe, senior vice president and Chicago market officer for ProLogis.

ProLogis purchased the buildings “to increase our presence in Lake County,” Riefe says. The company now owns 108 distribution buildings, with a total of 22.7 million sf, in the Chicagoland area with eight in Lake County, he says.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.