(Read more on the industrial market.)
ITASCA, IL-ML Realty Partners LLC, based here, has acquired $79.5 million in financing for a 1.9-million-sf industrial portfolio. ML Realty acquired the portfolio of warehouse and distribution buildings in the Chicago and Milwaukee metropolitan areas earlier this year for $122 million from CenterPoint Properties, based in Oak Brook, IL, as reported by GlobeSt.com.
Steve Roth, partner with Chicago-based Cohen Financial, secured the financing of two non-recourse permanent loans with a national life insurance company lender. The life insurance company and the terms of the loans were not disclosed.
The portfolio consists of 21 buildings with 16 buildings located throughout the Chicagoland area and five buildings in Milwaukee, ML Realty Partners president and CEO Michael Luecht said in June. Some of the Chicagoland buildings are in St. Charles, Elk Grove Village, Arlington Heights, Franklin Park, Glendale Heights and Elmhurst.
Roth says he could not disclose the occupancy rate for the portfolio, which includes both single-tenant and multi-tenant buildings. In June, the portfolio was 90% leased. ML Realty had initially acquired the portfolio with equity and decided to acquire financing for the portfolio purchase, Roth says. The loans were acquired from a life insurance company for several reasons including “the certainty of execution that goes along with a life insurance loan,” he says.
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