ING Fund Acquires Industrial Portfolio for $56M

NEW YORK CITY-Lion Properties Fund, an affiliate of locally based ING Clarion Partners, acquired a seven-property industrial portfolio from Chicago-based CenterPoint Properties Trust for $55.9 million. The properties, totaling 978,500 sf, are primarily warehouse/distribution facilities. An eighth property, which is in Buffalo Grove, IL, is set to close in early April and bring the total purchase price to $62 million.

Three of the properties are located in Milwaukee and four are located in Elgin, IL. Tenants include Federal Express, General Electric, Northwest Mutual Life and Baxter International.

“We continue to view the industrial sector as an attractive core holding for real estate investors,” says Jeb Belford, a senior director at ING Clarion Partners. “Chicago is one of the largest and most strategically located warehouse markets in the country, while Milwaukee is a solid industrial market that should benefit from the strengthening economy.”