Business

Molto sells three-building portfolio in southwest suburbs

Posted June 17, 2016 1:00 am

OAKBROOK TERRACE - Molto Properties announceD the recent sale of its three building, Chicago based portfolio to Lincoln Property Co.

Terms of the sale were not announced

The portfolio consists of 1485 Normantown, Romeoville, 1055 Remington Veterans, Bolingbrook and 49 N. Paragon, Romeoville.

The transaction represents Molto's first FUND II Chicago property sale. Both 1485 Normantown and 1055 Remington were developed by Molto Properties in 2014 and 2015, respectively, and are operating at 100 precent occupancy. 49 Paragon was purchased vacant in late 2015, and has since become stabilized.

"This sale includes some of Moltos' very first developments in FUND II and we are excited to continue our focus on building a development company. Our team is motivated to increase the Company footprint by acquiring quality industrial real estate with value add opportunities" Says Todd Naccarato, founder and senior principal of Molto Properties.

Jeff Devine and Steve Disse with Colliers represented Molto in the transaction.

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