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ROMEOVILLE, IL-Panattoni Development Co., headquartered in Sacramento, CA, has sold a 1.9-million-sf industrial portfolio here to Chicago-based Heitman. The portfolio consists of four warehouse buildings in the Windham Lakes Southwest Business Park. Similar properties this size in this area have sold for between $95 million and $100 million. The portfolio was acquired for Heitman American Real Estate Trust, a fund that was formed in January 2007, according to a released statement from Heitman. Representatives from Heitman declined to be interviewed.

The portfolio consists of a 716,000-sf building at 1401 W. Normantown Road; an 841,000-sf building at 1701 W. Normantown Road; a 260,000-sf building at 1601 W. Normantown Road and a 136,000-sf building at 1801 W. Normantown Road. The acquisition “is a strategic investment that gives the fund a significant presence in the Chicago industrial market,” according to a released statement. “Two of (the buildings) are vacant shells but, overall, the entire package was in excess of 75% leased,” says Pat Shaner, development manager with Panattoni. Sears Holdings leases the entire facility at 1701 W. Normantown Road, Shaner says. The facility at 1401 W. Normantown Road is leased by Kimberly-Clark and Dann Dee Display Fixtures, which is a division of Leggett & Platt. Niles, IL-based Dann Dee Display signed a 340,505-sf lease in 2006, as previously reported by GlobeSt.com. The building leased by Dann Dee and Kimberly-Clark was completed in December 2005 and the building leased by Sears was completed in March 2007, Shaner says.

The two vacant buildings, at 1601 W. Normantown Road and 1801 W. Normantown Road, were completed earlier this month. The estimated cost of constructing the two buildings was $23 million, as previously reported by GlobeSt.com. During construction, the 136,000-sf building was expected to be marketed to tenants seeking between 60,000 sf to 136,000 sf of space while the 260,000-sf building was expected to be marketed to tenants seeking more than 100,000 sf of space. CB Richard Ellis will manage and lease the portfolio, according to the statement.

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