Converse Capital LLC, based in Lake Forest, IL, facilitated the sale. The sales price for the portfolio was $15 million, sources say.
Cobalt already has a presence in Chicago. They are just looking to grow their Chicago presence," says Patrick Sullivan, a partner with Converse. "These fit well with some assets they already own in the Fox Valley corridor." The majority of the buildings in the portfolio are multi-tenant buildings, with the facility in Carol Stream being the only single-tenant building, Sullivan tells GlobeSt.com.
The portfolio is 100% leased, Sullivan says. Methode leases the approximately 48,000-sf facility in Carol Stream. Some of the other tenants in the buildings include Rideau Packaging, 1025 Paramount Pkwy. and Garver Feeds, 1005 Paramount Pkwy., both in Batavia, he says.
The 182,000-sf building in West Chicago was constructed in 1990, and the 65,000-sf building at 1005 Paramount Pkwy. was built in 1978, while the 60,000-sf building at 905 Paramount Pkwy. was constructed in 1989. The building in Carol Stream is the newest of the facilities and was constructed in the early 1990's, Sullivan says. There are no renovations currently planned for the buildings, he says. "The buildings were in pretty good shape when they bought them (and) well maintained," Sullivan says.
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