Cabot Properties paid $29.5 million for an industrial property in Elgin, taking advantage of a market that continues to perform well.
The Boston-based private equity firm picked up the 385,000-square-foot building, called Northwest Pointe II, near the intersection of Galvin and Higgins Roads, from a joint venture of Rosemont-based Conor Commercial Real Estate and Arizona-based Globe Corporation, according to the Daily Herald.
The building on 22 acres in the Northwest Corporate Park is 100 percent leased to Box Partners, a wholesaler of packaging, shipping and industrial supplies.
John Huguenard and Ed Halaburt of JLL teamed with Ken Franzese and John Cassidy of Lee and Associates to represent Conor in the sale.
Conor previously developed, leased and sold the 343,000-square-foot Northwest Point I building in the industrial park, and has plans to start work on a third building there in the spring.
McShane Construction Company and Ware Malcomb Architects served as the design/build team for the construction of the build-to-suit project.
Cabot is an active investor, developer and operator of industrial properties across the United States and United Kingdom. It has poured $8.7 billion into industrial real estate since 1986 and manages and operates over 3,720 tenants across 172 million square feet.
The company late last year sold a 22 million-square-foot industrial portfolio for $1.8 billion to the Blackstone Group. [Daily Herald] — John O’Brien