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Midwest Megadeal Includes Premiere Industrial Properties
2 May, 2011, Chicago
Cushman & Wakefield of Illinois, Inc. announces the largest industrial portfolio sale in
the Midwest since the economic downturn began in 2008. The portfolio, which includes seven
buildings in northwest Chicago and one in the Milwaukee, WI, area, totals more than two million
square feet.
Jim Carpenter, Senior Director, and Ken Szady, Executive Director, from Cushman & Wakefield's Capital Markets Group, represented the seller, a joint venture between Interstate Partners and Towne Investments, in the marketing and sale of the portfolio. In addition, Cushman & Wakefield Sonnenblick Goldman, the firm's debt and equity finance division, secured permanent financing of the portfolio for the buyer, Stockbridge Real Estate Funds.
The Illinois properties are located within two adjacent industrial parks in Elgin, IL near the Randall Road/I-90 interchange - the NorthWest Corporate Park and the NorthWest Business Park - and are 95% leased to 18 tenants. The Milwaukee-area property is located at the RidgeView Corporate Park within the city of Pewaukee and is 100% leased. All eight of the portfolio's industrial buildings are best-of-class properties attracting market-leading rental rates.
Industrial investment volume for the Chicago market showed improvement during the second half of 2010 following record-low volume in 2009. The current pipeline of transactions closed or in the market and expected to close totals more than $500 million, putting the market on pace to return to normal industrial sales volumes in 2011.
"As the market leader, we're very pleased to have completed the first of many large transactions we will see in 2011," said Mr. Carpenter. "Going forward, it's our view that the investment market will now broaden to include Class B assets as well as properties with lease rollover and vacancy as investors become more comfortable underwriting risk and seek higher yields."
Jim Carpenter, Senior Director, and Ken Szady, Executive Director, from Cushman & Wakefield's Capital Markets Group, represented the seller, a joint venture between Interstate Partners and Towne Investments, in the marketing and sale of the portfolio. In addition, Cushman & Wakefield Sonnenblick Goldman, the firm's debt and equity finance division, secured permanent financing of the portfolio for the buyer, Stockbridge Real Estate Funds.
The Illinois properties are located within two adjacent industrial parks in Elgin, IL near the Randall Road/I-90 interchange - the NorthWest Corporate Park and the NorthWest Business Park - and are 95% leased to 18 tenants. The Milwaukee-area property is located at the RidgeView Corporate Park within the city of Pewaukee and is 100% leased. All eight of the portfolio's industrial buildings are best-of-class properties attracting market-leading rental rates.
Industrial investment volume for the Chicago market showed improvement during the second half of 2010 following record-low volume in 2009. The current pipeline of transactions closed or in the market and expected to close totals more than $500 million, putting the market on pace to return to normal industrial sales volumes in 2011.
"As the market leader, we're very pleased to have completed the first of many large transactions we will see in 2011," said Mr. Carpenter. "Going forward, it's our view that the investment market will now broaden to include Class B assets as well as properties with lease rollover and vacancy as investors become more comfortable underwriting risk and seek higher yields."
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