Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

CHICAGO-A total of more than 1.1 million sf at O’Hare International Airport has traded hands in two transactions. A partnership between Aeroterm and CalEast Global Logistics LLC has acquired a portfolio of seven buildings totaling 976,000 sf from CenterPoint Properties, says John Cammett, chief executive officer of Aeroterm. KTR Capital Partners acquired a 138,000-sf building from BAX Global Inc. for more than $20 million, says Mike Merk, director of real estate for BAX.

A sales price for the seven-building portfolio was not disclosed. CenterPoint did not return phone calls seeking comment. A cap rate was not disclosed for the portfolio sale. The 138,000-sf building at 513 Express Center Dr. is currently vacant so a cap rate does not apply, says Brian Milberg, vice president of KTR.

The building at 513 Express Center Dr. has been vacant since BAX moved into a 225,000-sf, build-to-suit facility in Des Plaines earlier this year. The building is on about seven acres and has 24-foot clear ceiling heights and 58 dock doors. The building was attractive to KTR because it is a class A facility and was the only vacancy on the south side of the airport, Milberg says. The building was constructed in 1996 with approximately 20% of the space designated as office space. KTR plans to make some “significant improvements” to the building such as updating the loading docks and repairing some of the dock doors, he says. An asking lease rate has not been determined yet, but the average asking lease rate in the park is between $12 per sf and $17 per sf net, Milberg tells GlobeSt.com.

The seven-building is fully leased with three buildings on the north side of the airport and four buildings on the south side of the airport, says Logan Smith, senior vice president of investments for Aeroterm. Tenants include the United States Postal Service, British Airways and Air Canada, Smith says. The sale of the portfolio also included 28 acres of land. Smith would not say if Aeroterm planned on selling the property or developing it.

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 Fall 2021Event

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

Get More Information


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.