The Real Deal Chicago

TH Real Estate buys massive 1M sf suburban distribution center

The unit of Nuveen’s $72M purchase is the biggest industrial sale of its kind in almost 3 years
July 18, 2018 03:00PM

The building and Mike Sales, head of TH Real Estate

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.

The city is seeing its own share of industrial activity, including a $169 million, 2.2 million-square-foot project on the Southeast Side from Northpoint Development. [Crain’s] — John O’Brien