CHICAGO—Exeter Property Group has just bought a 900,000 square foot, four-building industrial portfolio located around the perimeter of Chicago, stretching from the western and southern submarkets to northwest Indiana. The portfolio was sold by a fund managed by J.P. Morgan Asset Management. The sales price was not disclosed.
Erik Foster and Mike Wilson of Avison Young's national industrial capital markets group handled the transaction, and Foster tells GlobeSt.com that the net lease purchase is part of a larger trend.
“We've seen a lot of buyers that need higher returns making purchases in class B submarkets within core markets like Chicago,” he says. Although each of these properties is relatively new and fully-leased to strong credit tenants, they are located in suburban Monee and Batavia, and in Portage, IN, all part of the greater Chicago market but outside the truly core submarkets like I-55.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
