Angelo Gordon & Company secured $27 million in financing on a three-property suburban industrial portfolio it acquired for a total of $40.8 million.
The New York-based company January 15 bought a 161,000-square-foot warehouse at 5300-5320 Dansher Road in Countryside for $9.2 million, Cook County property records show. In July, Angelo Gordon paid $6.6 million for an industrial building across the street at 5321 Dansher Road, records show.
Also in July, Angelo Gordon picked up the industrial property at 6710 South River Road in neighboring Hodgkins for $25 million. The deal was the fifth-biggest industrial sale of 2018.
Combined, the three purchases amount to a $40.8 million investment in the Chicago-area’s hot industrial market. Angelo Gordon refinanced the portfolio in January with a $26.8 million loan from Citibank, Cook County property records show.
The west suburban acquisitions aren’t Angelo Gordon & Co’s first investment in the local industrial market. In the summer, the firm bought the Gold Standard Bakery Building on the Southwest Side for $27.4 million in a sale-leaseback deal.
In December, Angelo Gordon partnered with GQ Properties to buy two former Macy’s furniture stores in the area for $26 million. The company also spent $148 million early this year to acquire the two-tower Presidents Plaza in the O’Hare office market.
Chicago’s industrial market is one of the hottest in the country. Leasing activity last year was the highest its been since 2015, after the vacancy rate for the local industrial market hit a 17-year-low.