Blackstone’s US last-mile logistics real estate platform Link Logistics has acquired a four-building industrial portfolio in the Chicago market.
IPE Real Assets understands that Link Logistics paid $137m (€125.9m) to acquire the fully-let portfolio, which was put up for sale by CBRE on behalf of CenterPoint Properties.
Link Logistics declined to disclose the purchase price of the assets, but Laura Hyde, SVP of investments in the central region for Link Logistics highlighted the portfolio’s high quality and rarity.
Hyde said: “The portfolio we acquired is a high-quality institutional-owned portfolio. This type of industrial real estate does not come up for sale very often in the greater Chicago market.”
The assets comprise three properties located in the O’Hare sub-market and an asset in the Elk Grove Village region of Chicago.
“The O’Hare submarket is a very attractive market to own assets in as there is no room for new construction due to a lack of available land to build new properties,” said Hyde.
Hyde added that there is a “significant mark-to-market opportunity” with this portfolio once the current leases in the properties come up for renewal.
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