Saudi manager buys US distribution centre via ElmTree separate account
Saudi asset manager SEDCO Capital has bought a US distribution centre via a separate account managed by ElmTree Funds.
SEDCO said it bought the FedEx Ground-leased distribution facility in the Niles submarket of Chicago, Illinois for an undisclosed. The property was purchased last month.
The 306,448sqft facility is located at 5959 West Howard Street. Originally constructed in 2015 as a build-to-suit for FedEx Ground. The property has close to 11 years remaining on its lease with FedEx.
Sherif Selim, managing director at SEDCO, said: “We are very pleased with the outcome of this transaction and are excited about the long-term prospects for this asset.
“We like the Northeast Cook County, one of the most stable and established logistics submarkets in the Chicago area with excellent connectivity to Chicago CBD and the airport.”
Jim Koman, CEO of ElmTree Funds, said: “The high-quality nature of this asset together with its ideal location and remaining lease term with a blue-chip tenant made it a very attractive investment opportunity.”