(To read more on the industrial market, click here.)
EDEN PRAIRIE, MN-WelshInvest, the investment subsidiary of Welsh Cos., recently purchased two large industrial properties located in Chicago and St. Louis as part of its plan to ramp up its investments in the Midwest region.
Fountain Pointe, which totals a little more than 114,000 sf is located in is within the St. Charles submarket of St. Louis. The Chicago property is located at 450 Lombard, consists of 156,000 sf and is part of the O'Hare submarket. Jeff Josephs of the Chicago office of WelshInvest said his company has plans to reposition the property.
"We're looking to grow in Chicago," Josephs says. Dennis Doyle, chief executive officer of Welsh Cos., had set a policy last year of broadening WelshInvest's portfolio by seeking out "sound investments in our core Midwest markets."
The buildings attracted Welsh because both are "consistent with what we like—good clear height and good location" that have the promise of a "little upside" once they have improved and stabilized, Josephs said. Josephs declined to disclose the terms of the transaction.
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