Construction on the pre-cast and steel cross-dock facility began in October 2005 and was completed in May 2006, according to McShane press releases on the project. The building, which was designed by Dobrin + Associates Ltd., has 30 foot clear height ceilings, Early Suppression Fast Response (ESFR) sprinklers, 20 exterior truck docks and freezer and cooler space. The building is located on a 10.6-acre site and is part of the 46-acre, three-building Bolingbrook Point Corporate Center developed by the joint venture. The corporate center has frontage on I-55. CB Richard Ellis had been the marketing agent for the property.

The trust acquired the property because it “was a strategic fit to the portfolio that we are currently accumulating,” Kianka tells GlobeSt.com. In particular, the trust liked the tenant base, “its location, its access in the Chicago market [and that] it afforded us our first opportunity to sort of expand in different markets,” he says. The typical hold time for the trust is five to seven years, but it may have a long-term hold for this class A building, Kianka says.

The acquisition of Bolingbrook Point III is the ninth acquisition for CB Richard Ellis Realty Trust, Kianka says. Other acquisitions have been in San Diego, Boston, Atlanta, Texas and the United Kingdom. “We also just made a large acquisition of a portfolio of properties in North and South Carolina,” Kianka says. The focus of the trust is office, retail, industrial and multifamily residential properties in major metropolitan areas across the country. The trust also will have up to 30% of the assets in investments outside of the United States. The trust is sponsored by Los Angeles-based CB Richard Ellis Investors LLC, which is a wholly owned subsidiary of CB Richard Ellis Group Inc.