Lineage Logistics Purchases Chicago Cold Storage Portfolio
JLL has closed the sale of a 100% leased, three-property cold storage portfolio, sold by Investcorp.
CHICAGO – JLL capital markets has closed the sale of a 712,051-square foot cold storage portfolio here. Lineage Logistics purchased the four-asset portfolio from the seller, Investcorp.
The portfolio comprises 2635 S. Western Ave. and 2658 S. Leavitt St. in Chicago; 8424 W. 47th St. in Lyons, IL; and 1544-46 Hecht Drive in Bartlett, IL.
The portfolio is currently 100% leased to 11 different tenants. The properties feature ceiling heights, ranging from 24 to 48 feet and additionally offer ambient temperatures ranging down to -10.
Located within high barrier-to-entry Chicago markets, each facility allows for access to Chicago’s urban core population.
The deal represents one of the few multi-property, multi-tenant cold storage transactions, nationally.
“What is unique about this cold storage portfolio is that it is a multi-tenant portfolio with fewer than four years of average remaining lease term that was able to close in spite of uncertainty caused by the COVID-19 pandemic,” said JLL senior director, Ed Halaburt.
JLL marketed the portfolio on behalf of the seller. JLL’s industrial capital markets team represented Investcorp, led by senior managing director, John Huguenard, senior directors, Ed Halaburt, Kurt Sarbaugh and Robin Stolberg, and managing director, Sean Devaney.
Founded in 1982, Investcorp serves as a global provider and manager of alternative investments. The company holds $31.1 billion in assets under management and currently employs 450 professionals, internationally.
Controlled and operated by investment firm, Bay Grove, Lineage Logistics serves as a provider of temperature-controlled logistics solutions. The company’s clients range from Fortune 500 companies to small family-owned businesses.
