Swedish investor buys 3.8Msf industrial portfolio

EQT Exeter’s new properties include a North Chicago facility

EQT Exeter's CEO Ward Fitzgerald and 3200 Skokie Highway (Getty Images, EQT Exeter, LoopNet)
EQT Exeter's CEO Ward Fitzgerald and 3200 Skokie Highway (Getty Images, EQT Exeter, LoopNet)

A Swedish investor bought a Midwest industrial portfolio that includes a Chicago-area warehouse.

Stockholm-based EQT Exeter bought the 3.8 million-square-foot Class A portfolio from CenterPoint Properties, the Chicago Business Journal reported. While the price for the properties wasn’t undisclosed, CoStar said it sold for about $380 million.

It includes six properties totalling 144 acres, seven in Pleasant Prairie, Wisconsin and a 395,000-square-foot North Chicago facility with 181 parking spaces. They’re occupied by nine tenants including Uline, the sole tenant of the building at at 3200 Skokie Highway in North Chicago, a suburb about 40 miles north of the city.

John Huguenard, who represented the seller alongside his JLL Capital Markets colleague Kurt Sarbaugh, told the Business Journal that the sale was among the largest recent deals in the Chicago area.

Other recent sales include Phoenix-based Knight-Swift Transportation’s decision to pay $6 million for 16 acres of vacant land in Joliet. The company plans to transform it into a trucking terminal.

Crow Holdings plans to build a 760,000-square-foot industrial warehouse in the southern Chicago suburb of Matteson. It will have 100 exterior loading docks and parking stalls for 210 truck trailers, as well as parking for 380 regular vehicles.

Industrial investor Faropoint bought three warehouse properties in Elk Grove Village, Des Plaines and Addison last month. The purchases, whose prices weren’t disclosed, help the company with its year-end goal to inject $200 million into the Chicago area.

The biggest Chicago-area industrial property sale of 2022 came in April, when a subsidiary of Blackstone, New York-based Link Logistics Real Estate, paid almost $150 million for 12 industrial and office buildings in Waukegan and Zion.

The properties that EQT Exeter bought all have 23-foot clear heights, allowing for loading space and truck courts. All of them are within five minutes of I-94, which connects Milwaukee, Chicago and Detroit.

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— Victoria Pruitt