Lincoln Buys $34M Suburban Industrial Portfolio

ROSEMONT, IL-Lincoln Property Co. has acquired a 740,000-square-foot suburban industrial portfolio from institutional advisory firm Kennedy Associates for $34 million. The five-building portfolio is located in the Meadows Business Park at the intersection of Interstate 355 and Lake Street in Addison.

The deal was brokered by executive director Kenneth Szady and senior director Jim Carpenter, of Rosemont, IL-based Cushman & Wakefield Capital Markets Group.

“This is methodical selling, because there was a big renewal for one of the tenants and the property was in excellent shape in terms of marketability,” Szady tells GlobeSt.com. “They are a long-term owner and building and they sell methodically over time, so this wasn’t a distressed situation. They started building the park out over time, and the last building was completed about two years ago.”