Cabot Properties buys Elgin industrial building, seizing on hot market

The 385K sf building is fully leased to Box Partners

Sep.September 18, 2018 01:00 PM

Cabot Properties CEO Franz Colloredo-Mansfield and Northwest Pointe II (Credit: Conor Commercial and Cabot Properties)

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


Related Articles

From left: Jim Loewenberg, David Carlins and Joel Carlins

Keeping it in the family: Magellan co-founder’s son becomes CEO

Kyle Glascott and the Green Dolphin nightclub

Glascott Realty picks up troubled site near Lincoln Yards for $4.7M

Elston Avenue retail complex and Baker Development President Warren Baker (Credit: Google Maps)

Baker Development lands $70M refi on Kohl’s-anchored retail complex

Stockbridge Real Estate CEO Stephen Pilch

Stockbridge Capital makes big bet in suburban industrial stronghold

One Lincoln Centre and Balfour Pacific CEO Mark Scott (Credit: Google Maps, iStock)

Blackstone unloads large office complex at slight discount

905 West Fulton Market and DineAmic founders David Rekhson and Lucas Stoioff (Credit: Thor Equities)

Prime & Provisions owner inks lease for new restaurant in Fulton Market

Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

Thor Equities lands $144M construction loan for new tower

Flexport CEO Ryan Petersen and 333 N. Green Street (Credit: Getty Images, Sterling Bay)

Sterling Bay inks tech firm to latest lease at Fulton Market HQ