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WOOD DALE, IL-San Francisco-based AMB Property Corp. on behalf of its AMB Institutional Alliance Fund III, has acquired AMB Compass Distributions Center, a 439,350-sf facility located at 855 Wood Dale Ave. The building, a 30-foot-clear, cross-docked facility leased to Albertsons, formerly Osco Drugs, was purchased for $32.75 million.
Mark Saturno, vice president, acquisitions of AMB Property Corp., says the acquisition strengthens the company's ownership in the O'Hare submarket. "This is a great addition to AMB's existing O'Hare portfolio which is currently over 6.8 million sf of industrial space," he says. The company is expected to close more $100 million in acquisitions in the Chicago market by the end of third quarter 2006.
As of June 30, 2006, AMB's most recent reporting period, the company owns, manages 122 million sf, 1,094 buildings in 41 markets within 11 countries. AMB's industrial development and renovation pipeline totals 47 projects of approximately 14.2 million sf globally.
The AMB Institutional Alliance Fund III, which was formed in October 2004, is an open-end commingled fund. Twelve pension funds, foundations and private investors invested in a private REIT that is limited partner in Alliance Fund III. The Fund's investment activities focus on acquisition of US industrial facilities near key passenger and cargo airports, seaports and highway systems in major metropolitan markets.
Jeffrey Kahan, Steve Disse and Jeff Devine of Collers, Bennett and Kahnweiler represented the seller of the facility, the Lurie Co., which is based in Chicago.
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