Clear Height Properties, Harbert JV Buys Chicago Industrial Portfolio for $100M

A joint venture between Clear Height Properties and Harbert US Real Estate has acquired an industrial portfolio of 31 assets and two land sites totaling 1.4 million square feet in the Chicago region for more than $100 million.

The portfolio is 98 percent leased to more than 130 businesses, most of them in the Central DuPage submarket with the remaining properties located in Cook, Kane and Lake Counties.

“This is a massive and significant transaction by any measure, especially considering it was completed during a period of economic uncertainty in the capital markets,” said Dominic A. Sergi, CEO, Clear Height Properties. “We’ve had tremendous interest in this portfolio for more than a decade. The completion of this deal demonstrates Clear Height’s persistence, ability to close, and strength in the marketplace.”

Steve Roth and Scott Lewis of CBRE Capital Markets facilitated financing for the portfolio, the joint venture’s partners said in a statement.

“Clear Height plans to continue expanding our portfolio, with a goal of owning over $1 Billion of properties by 2027. This marquis portfolio is a great complement to our existing properties, and we are excited at the synergies it will create with our existing operations. We offer our special thanks to Brian Silverman of JBS Commercial for bringing us this off-market opportunity,” said Gary Rose, COO and President of Clear Height Properties. “As we integrate these properties and tenants into our portfolio, we intend to honor the seller’s long-standing reputation in the marketplace and continue to build on the legacy they’ve created.”

The Chicago industrial market posted occupancy gains greater than five million square feet during the third quarter, according to Colliers.