TH Real Estate bought the massive Whirlpool distribution center in Joliet for $72 million, the biggest industrial acquisition of its kind in nearly three years.
The New York-based unit of Nuveen bought the 1 million-square-foot complex at 3851 Youngs Road from a venture led by JPMorgan Chase, according to Crain’s.
JPMorgan and Clarius Partners of Chicago completed the building in 2013, and Whirlpool signed a lease there in 2015.
The sale to TH Real Estate was the most expensive deal for a non-refrigerated industrial property in the Chicago area since December 2015, when a five-building, 711,000-square-foot property in Roselle sold for $83.5 million, according to Real Capital Analytics.
The Chicago industrial market remained hot in the second quarter as asking rents hit a record high of $5.58 per square foot, according to Newmark Knight Frank’s second quarter industrial market report.
A number of large industrial properties have changed hands recently, including a 600,000-square-foot complex in suburban Hodgkins that Midwest Industrial Funds just bought for $17 million.