Stream Acquires Chicago Industrial Facility
Sagard Real Estate sold the 2009-completed property.
Stream Realty Partners has acquired Halsted Pershing Business Center, a 104,008-square-foot industrial facility in Chicago. Sagard Real Estate sold the asset for $19 million, according to CommercialEdge data.
An in-house team represented the buyer, while JLL Capital Markets worked on behalf of the seller. The property previously traded in 2014, when Dayton Street Partners sold it for $10.7 million, the same source shows.
The warehouse came online in 2009 and was fully leased to three tenants at the time of sale, including U.S. General Services Administration and Goodman, with a weighted average lease term of four years. The property has a recently renewed 6b tax classification.
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The Class A facility features 10 dock-high loading doors and four drive-in doors with dock levelers and bumpers, as well as 30-foot clear heights. Additionally, the building has a 5 percent office build-out, refrigerated storage and 85 parking spaces.
The property sits on almost 7 acres at 815 W. Pershing Road, close to interstates 90 and 55. Chicago Midway International Airport and downtown Chicago are within 6 miles, while the O’Hare International Airport is 23 miles northwest.
Stream Executive Managing Director Patrick Russo, Manager Mustafa Ali and Associate Ben Harrison facilitated the acquisition. JLL Managing Directors Ed Halaburt and Kurt Sarbaugh, Senior Managing Directors Sean Devaney and John Huguenard, along with Director Will McCormack and Senior Vice President Michael Conway, represented the seller.
Chicago leads the Midwest in industrial sales
Chicago led the Midwest in terms of industrial transaction volume, registering $834 million in sales year-to-date through April, according to a CommercialEdge report. The metro also ranked fourth nationally, being surpassed by Dallas-Fort Worth ($1 billion), Los Angeles ($1.4 billion) and the Bay Area ($2.2 billion). Assets in the Windy City traded for $97 per square foot on average.
In April, Stonepeak acquired a 1.7 million-square-foot logistics portfolio for $125 million. CenterPoint Properties sold the three properties located in Elwood, Ill.
Other notable deals in the area include VK Industrial VI LP purchase of a 785,181-square-foot, two-building industrial portfolio in St. Charles, Ill. RR Donnelley sold the assets for $50.2 million, or about $63.9 per square foot.
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