(To read more on the industrial market, click here.)
CHICAGO-Prentiss Properties Trust got $31 million for its four-building, 681,934-sf industrial portfolio here, part of its effort to divest itself of its local holdings. Meanwhile, officials at the Dallas-based REIT remain optimistic about closing on sales of the rest of its Chicago portfolio sale, which has been reduced to 15 suburban office buildings totaling 1.7 million sf.
Prentiss Properties Trust will post a $14.7-million capital gain in the fourth quarter on the sale of the industrial portfolio. Taking out depreciation, the gain was $9 million, company officials report.
A fourth-quarter closing for the rest of the suburban office portfolio is seen despite one buyer backing out of a deal to acquire six properties--Lakeside Point I & II in Waukegan; 1200 Lakeside Dr. in Bannockburn; 1955 W. Field Ct. in Lake Forest; 410 Warrenville Rd. in Lisle; and 1717 Deerfield Rd. in Deerfield.
"Buyers have been identified," says president and chief executive officer Thomas F. August during his company's earnings conference call Wednesday. "They're in various stages of negotiation, due diligence or letter of intent." In addition to the industrial portfolio, Prentiss Properties Trust sold off the prize of its office portfolio, the 540,676-sf building at 123 N. Wacker Dr., to Triple Net Properties Realty Inc. for $174 million.
The largest property in the industrial portfolio is the 455,858-sf distribution building on 32 acres at 16801 S. Exchange Ave. in Lansing. It was built in 1987, making it one year older than the other two assets. Both are in DuPage County, although 238 and 257 Beinoris Dr. in Wood Dale, which total 116,076 sf, are in the O'Hare submarket. A 110,000-sf building at 155 Alexandra Way in Carol Stream is in the northern DuPage submarket.
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