UPDATED, August 26, 12:30 p.m.: Industrial investor ML Realty Partners has refinanced a portfolio of Chicago-area industrial properties with an $83 million loan.
The portfolio includes a Bridgeview warehouse the Itasca-based firm picked up in 2005 as part of a $22 million portfolio deal, and a Chinatown warehouse and adjacent lot picked up for $11 million in 2018.
Teacher’s Insurance and Annuity Association provided the loan.
New industrial leasing volume increased in the second quarter of 2019, and vacancy rates in the Chicago area have hit the lowest level recorded since 2001, according to a Colliers International industrial market report.
In November 2018, ML Realty announced that framing company Nielsen & Bainbridge would renew its lease for 184,071 square feet at the Bridgeview warehouse.
ML Realty specializes in long-term investments in industrial properties. The company owns and operates 107 properties, 55 of which are in Illinois.
The firm could not be reached immediately for comment.
Correction: ML Realty owns and operates 107 industrial properties, 55 of which are in Illinois. Additionally, the town it is based in was misspelled.