Specifically, the retail sector experienced the greatest cap rate compression by four basis points to 6.23%. Moreover, this was the first quarter of downward cap rate movement for the retail sector following five consecutive quarters of upward movement.
Black Creek Group is the seller of the 37.5-million square foot portfolio, which is 96% leased.
The company signed its original lease for 18,368 square feet at the property in December and due to successful acquisitions and growth globally, the company increased its footprint in Chicago to continue its rapid growth.
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