CHICAGO—STAG Industrial, a publicly-owned, Boston-based REIT, has just purchased a two-building portfolio with adjacent land sites at 1755-1795 N. Butterfield Rd. in suburban Libertyville, IL.
"This was a unique opportunity for a company to buy higher yielding assets with a development upside as well," Erik Foster, principal, Avison Young, tells GlobeSt.com. Along with principals Mike Wilson, John Hauser, Michael Fonda and Hugh Williams, he represented the seller, Chicago-based Ashley Capital. "It's a stable product in an environment with plenty of tenants looking for new locations."
The portfolio contains two fully-leased buildings, a 251,961 square foot industrial building and a 35,141 square foot office building, as well as two vacant lots zoned for industrial use. Financial details were not disclosed.
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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.
