(To read more on the industrial market, click here.)
CHICAGO-Wrightwood Capital has sold a seven-building industrial portfolio to Boston-based Colony Realty Partners for $45.86 million. Consisting of 589,346 sf, the assets were the remaining properties in Wrightwood's first industrial fund known as the Acorn Industrial Realty Venture, LP.
Timothy F. Walsh, senior director, industrial fund management, says the properties in the Acorn Industrial Realty Fund represented the company's first attempt at aggregating mid-sized industrial assets. "The strategy worked well, providing diversified cash flow, low volatility and strong appreciation to our investors over a long-time horizon," he says.
Walsh tells GlobeSt.com that it was simply time to unwind the partnership that had been created 10 years ago. "We are certainly closely tracking the market, and we thought this was an excellent time to sell," he says.
The positive performance of the fund provided the framework for the company's second and third funds, Wrightwood Capital Industrial Property Fund II, and the Wrightwood Capital Industrial Property Fund III, "which we are now actively investing," Walsh adds.
All located in the Chicago-metro area, the majority of the assets in the portfolio were leased to investment-grade tenants, such as Honeywell, Parker Hannifin, Federal Express, Trustmark and Chicago Title. This transaction was marketed by Jeff Kahan, Steven Disse and Jeffrey Devine of the Investment Services Group of Colliers Bennett & Kahnweiler.
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