A local industrial investor bought 13 Chicago-area buildings in its largest acquisition of the kind.
Oak Brook-based TradeLane Properties bought 13 industrial buildings totaling 825,000 square feet from Oxford Properties for an undisclosed price, the Chicago Business Journal reported. All are fully occupied: One is in Waukegan, one in Carol Stream, one in Lake Bluff, two in East Dundee, three in Batavia and five in Buffalo Grove.
TLP now owns 27 properties in greater Chicago that total about 2.5 million square feet, Kari Lavezzi, director of operations for TradeLane Properties, told the publication. “We expect to purchase several more properties in the Chicago market in 2022 and sell two to three as well.”
Industrial real estate has been picking up in the Chicago area. Other recent deals 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 aims 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 13 properties TradeLane purchased have 18 tenants, all of which have leases that expire in the next four years. The largest property is the 89,000-square-foot building at 1011 Olympic Drive in Batavia.
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Chicago
More than 1M sf of warehouses proposed near DuPage Airport
— Victoria Pruitt