CBRE Global Investors’ eighth value-added US real estate fund has acquired a six-building industrial portfolio in Chicago.
CBRE Strategic Partners US Value 8 bought the Class A warehouse and manufacturing buildings with over 1.4m sqft in master-planned business parks within Chicago’s two largest industrial submarkets.
No financial details were disclosed.
The portfolio includes five buildings located along Chicago’s major east-west thoroughfare and one building located adjacent to the major north-south tollway.
The portfolio is 95% leased to six tenants.
Robert Perry, the portfolio manager for CBRE Strategic Partners US Value 8, said: “Chicago is an attractive logistics market due to its central location, abundance of infrastructure and numerous freight transportation modes, and availability is at the lowest rate since 2000.
“Additionally, the SW/1-55 Corridor and West Suburban submarkets where these assets are located are expected to outperform the Chicago metro in terms of rent growth,” Perry said.
“Given both the quality and locations of the buildings, this portfolio perfectly suits the fund’s national industrial strategy, and we welcome more opportunities to make similar investments,” he said.