Brookfield Properties Acquires Chicago Industrial Asset

2233 W. St. Image courtesy of Brookfield Properties

Brookfield Properties is continuing its buying spree of industrial assets with its latest acquisition of a Chicago-area building from an undisclosed seller.

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Located at 2233 W. St. in River Grove, Ill., the 220,000-square-foot industrial asset is fully leased to a national transportation and logistics services company, according to Brookfield. The developers built the property in 2019, looking to relocate their shipping company, Go To Logistics, from Northlake to the 22-acre site at 2233 W. St., according to the Chicago Tribune.

The property features a 100-door truck terminal, tilt-wall construction, concrete truck courts, 32-foot clear heights, ESFR sprinklers, LED lighting and 20,000 square feet of office space. Brookfield attributed the acquisition of the last-mile asset to its features and proximity to Chicago.

Industrial buying spree

Following the Chicago-area purchase, Brookfield has deemed the city a target market and will focus on adding more properties to its portfolio through acquisitions and ground-up development projects. However, Brookfield’s appetite for industrial properties in the last two months has extended past Chicago.

In June, the company purchased a 273,000-square-foot infill logistics park in North Reading, Mass., and an industrial property in Kearney, N.J. In May, Brookfield purchased four industrial properties, expanding its portfolio to Orlando, Fla., Ridgefield, N.J., West Chester, Ohio, and Carson., Calif.

Outside the recent industrial acquisitions, Brookfield has also worked on Chicago’s office properties. In August 2019, the company teamed up with a group of developers to renovate and lease the last six floors of 24 E. Washington St., a 650,000-square-foot office building in Chicago.