LBA Logistics reached back into its pocket with a $13 million industrial buy in Lake County.
The Irvine, California-based industrial landlord picked up a 47,000-square-foot Class B industrial property at 957 Tower Road in Mundelein, which covers a 10-acre lot. The structure was built in 1991 and occupied by Connecticut-based freight transportation services provider XPO Logistics, which is listed as the seller in Lake County property records in a deal recorded Dec. 30. LBA and XPO did not return requests for comment.
The deal is the latest in a string of recent LBA acquisitions in and around the Windy City that also includes a 115,000-square-foot building at 1300 North Branch Street on Chicago’s Goose Island purchased for more than $28 million and a 215,000-square-foot warehouse in Franklin Park adjacent to O’Hare International Airport for over $30 million.
LBA’s Chicago-area portfolio also includes the 171,000-square-foot Cornerstone Business Park, which sits on a 12-acre lot in Bensenville. The firm owns and operates about 100 properties in 17 states. It also closed out 2022 with a huge industrial purchase in South Florida, paying $198 million for Dolphin Commerce Center in Sweetwater.
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Real estate players are taking advantage of Chicago’s tight industrial market as demand hovers near record levels. There was a 2.8 percent vacancy rate among industrial properties in Q3 of 2022, according to a report from JLL. And national recessionary storm warnings don’t seem to be slowing these transactions as industrial Chicago landlords continued to see strong leasing and investment.
Several large industrial portfolio trades took place near the end of 2022: Clear Height Properties’ $100 million purchase of 1.4 million square feet of space mainly in the western suburbs, Stockbridge’s $100 million portfolio sale and TA Realty’s acquisition of a 21-building portfolio for $70 million.
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