OAKBROOK TERRACE — NAI Hiffman, the largest independent commercial real estate services firm in the Midwest, announced Wednesday that its Industrial Capital Markets team has brokered the sale of the Chicago Strategic Logistics Portfolio, which comprises seven industrial warehouse and distribution buildings in Illinois totaling Covers 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 Singapore-based member of CapitaLand Investments.
“The portfolio provides a critical mass of stabilized, well-maintained, logistics and warehousing-focused industrial assets throughout the Chicago market. Additionally, given the ongoing tight market conditions and projected double-digit rental growth, there is significant upside potential,” Sullivan said.
The portfolio is 100% leased to 12 tenants with a weighted average lease term of 4.8 years. It consists of high-quality, logistics-oriented industrial buildings with one or more tenants with potential for value creation through mark-to-market releasing.
The properties are located in six complementary and growing industrial submarkets in Chicago’s MSA area and provide immediate access to key distribution centers including airports, railroads and major freeways.