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TA Associates Acquires $21M Portfolio

GLENDALE HEIGHTS, IL-The Boston-based group has acquired a 392,000-square-foot portfolio of four buildings from Morgan Stanley.

By Cari Brokamp | Updated on August 31, 2009

GLENDALE HEIGHTS, IL-TA Associates has purchased a 392,000-square-foot portfolio from Morgan Stanley for $21.2 million. The Boston-based group acquired four buildings in Glendale Heights and one in Elmhurst as part of the portfolio, which is 95% leased.

Morgan Stanley was represented by Kenneth Szady, executive director, and James Carpenter, senior director, of Cushman & Wakefield of Illinois Inc.’s Capital Markets Group in the investment sale.

“This was probably the best portfolio of industrial real estate offered in Chicago in five years because it was all new, less than ten years old, and it was substantially leased,” Carpenter tells GlobeSt.com. Half of the tenancy was investment grade or outstanding credit, and it’s in probably the best submarket of all of Chicago. It was as good a portfolio as I’ve seen in years, and evidence of that is that interest level was very high from name brand institutional buyers.”

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