Stream Realty Secures $63M for Chicago-Area Portfolio
JLL Capital Markets arranged the financing for the fully leased properties.
Stream Realty Partners has secured $63 million in financing for the Chicagoland Industrial Portfolio, which comprises five Class A industrial buildings in the Chicago metro area. JLL Capital Markets arranged the five-year, fixed-rate loan.
The portfolio consists of the following properties:
• Mokena Logistics I and II, 268,226 square feet across two buildings at 8965 and 8905 W. 187th St. in Mokena in the Joliet submarket;
• Rockwell Logistics Center, a 174,262-square-foot building at 2545 W. 24th St. in Chicago in the City South submarket;
• Asbury Drive, a 157,500-square-foot building at 850 Asbury Drive in Buffalo Grove in the Lake County submarket; and
• Halsted Pershing Business Center, a 104,008-square-foot building at 815 W. Pershing Ave. in the Stockyards submarket.
Stream had purchased four of the five buildings (all but the last one on the list above) from Westcore Properties for $83.5 million this past July.
These Class A distribution and warehouse facilities total 703,996 square feet, and feature suites ranging from 25,100 to 174,262 square feet with an average clear height of 32 feet. The portfolio serves 10 diverse tenants, representing the IT, electronics manufacturing, health-care and construction industries; food distribution; and government agencies.
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The buildings are in infill distribution sites or near key transportation networks within the Chicagoland MSA, according to JLL, and are situated in densely populated areas with extensive infrastructure and strong labor markets, enabling local and regional customer access.
The JLL Debt Advisory team was led by Senior Managing Director Colby Mueck, Senior Director Brian Walsh and Associate Tara Hagerty.
Portfolios are popular
Industrial portfolio transactions seem to be the “in thing” in Chicagoland this year.
In July, Sperry Equities acquired the two-building, 640,000-square-foot Northwest Indiana Logistics Portfolio, in Portage, Ind., from Investcorp for an undisclosed amount. JLL both brokered the deal on behalf of the seller and arranged a five-year, fixed-rate acquisition loan through New York Life Real Estate Investors.
In September, Venture One Real Estate purchased a five-building, 421,638-square-foot industrial portfolio through its VK Industrial VII acquisition fund. Zilber Property Group was the seller of the five buildings, in Mokena, Elgin, Willowbrook and Northbrook, Ill.
Just last week, Commercial Property Executive reported that metro Chicago led the Midwest in industrial sales, with a combined $1.9 billion over the first eight months of this year. That figure represents 165 properties totaling 20.8 million square feet, according to CommercialEdge data.
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