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Green Door, Citimark buy suburban industrial portfolio for $38M
The deal with Globe Corp. includes 7 properties and 447K sf
Green Door Capital and Citimark bought a seven-property suburban industrial portfolio from Globe Corporation for $38 million.
The deal includes properties totaling 447,000 square feet throughout the hot Chicago industrial market. The properties were 93 percent leased at the time of the sale, according to HFF.
The properties acquired by Chicago-based Green Door and Indianapolis-based Citimark were 5120 Prairie Stone Parkway in Hoffman Estates, 1124 Tower Road and 1555-1559 Brasswood Road in Schaumburg, 3225 Corporate Drive and 3301-3301 Corporate Drive in Joliet, 454 Scott Drive in Bloomingdale, and 3720 Prairie Lake Court in Aurora.
HFF’s Kurt Sarbaugh, Robin Stolberg, Stephen Skok and Sam Berry represented Deerfield-based Globe in the transaction.
Through September, the local industrial market saw $2.8 billion in investment sales, which was $447 million ahead of the total at the end of September 2017, according to Newmark Knight Frank.
On Thursday, a panel convened by the National Association of Industrial and Office Properties representing four development firms agreed the dwindling availability of vacant land is slowing mega-scale industrial development. But the low vacancy rates and reliably fierce tenant demand are staving off fears of overbuilding.