Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

ITASCA, IL-ML Realty Partners LLC, based here, has acquired $79.5 million in financing for a 1.9-million-sf industrial portfolio. ML Realty acquired the portfolio of warehouse and distribution buildings in the Chicago and Milwaukee metropolitan areas earlier this year for $122 million from CenterPoint Properties, based in Oak Brook, IL, as reported by GlobeSt.com.

Steve Roth, partner with Chicago-based Cohen Financial, secured the financing of two non-recourse permanent loans with a national life insurance company lender. The life insurance company and the terms of the loans were not disclosed.

The portfolio consists of 21 buildings with 16 buildings located throughout the Chicagoland area and five buildings in Milwaukee, ML Realty Partners president and CEO Michael Luecht said in June. Some of the Chicagoland buildings are in St. Charles, Elk Grove Village, Arlington Heights, Franklin Park, Glendale Heights and Elmhurst.

Roth says he could not disclose the occupancy rate for the portfolio, which includes both single-tenant and multi-tenant buildings. In June, the portfolio was 90% leased. ML Realty had initially acquired the portfolio with equity and decided to acquire financing for the portfolio purchase, Roth says. The loans were acquired from a life insurance company for several reasons including “the certainty of execution that goes along with a life insurance loan,” 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 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.