NAI Hiffman brokers sale of Chicago Strategic Logistics Portfolio
OAKBROOK TERRACE -- NAI Hiffman, the largest independent commercial real estate services firm in the Midwest, Wednesday announced its Industrial Capital Markets team brokered the sale of the Chicago Strategic Logistics Portfolio, comprising seven industrial warehouse and distribution buildings in Illinois totaling 1,424,555 square feet.
NAI Hiffman's Patrick J. Sullivan, executive vice president, and Ryan Chambers, vice president, represented the seller. The buyer was Ascendas Real Estate Investment Trust, a member of CapitaLand Investments, headquartered in Singapore.
"The portfolio offers a critical mass of stabilized, well-maintained logistics- and warehouse-focused industrial facilities throughout the Chicago market. Additionally, with continued tight market conditions and projected market rent growth in the double digits, there's significant upside potential," said Sullivan.
The portfolio is 100% occupied by 12 tenants, with a weighted average remaining lease term of 4.8 years. It consists of high-quality, logistics-focused, single- and multi-tenant industrial buildings with value-add potential through mark-to-market releasing.
Located in six infill and growing industrial submarkets throughout the Chicago MSA, the properties offer immediate access to vital distribution hubs, including airports, railways and major interstate highways.