NAI Hiffman, the largest independent commercial real estate services firm in the Midwest, today announced its Industrial Capital Markets team brokered the sale of the Chicago Strategic Logistics Portfolio, comprising seven industrial warehouse and distribution buildings in Illinois totaling 1,424,555 square feet.
NAI Hiffman’s Patrick J. Sullivan, executive vice president, and Ryan Chambers, vice president, represented the seller. The buyer was Ascendas Real Estate Investment Trust, a member of CapitaLand Investments, headquartered in Singapore.
”The portfolio offers a critical mass of stabilized, well-maintained logistics- and warehouse-focused industrial facilities throughout the Chicago market. Additionally, with continued tight market conditions and projected market rent growth in the double digits, there’s significant upside potential,” said Sullivan.
The portfolio is 100% occupied by 12 tenants, with a weighted average remaining lease term of 4.8 years. It consists of high-quality, logistics-focused, single- and multi-tenant industrial buildings with value-add potential through mark-to-market releasing.
Located in six infill and growing industrial submarkets throughout the Chicago MSA, the properties offer immediate access to vital distribution hubs, including airports, railways, and major interstate highways.
About NAI Hiffman:
NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is headquartered in suburban Chicago, with more than 250 employees strategically located throughout North America. For more information, please visit hiffman.com.
About Ascendas REIT / CapitaLand:
Ascendas REIT is Singapore’s first and largest listed business space and industrial Real Estate Investment Trust (REIT). It owns properties across three key segments, namely, Business Space and Life Sciences, Logistics, and Industrial and Data Centres. The properties are located in the developed markets of Singapore, Australia, the United States and the United Kingdom/Europe.
CapitaLand International (USA) LLC (“CapitaLand USA”) is a wholly owned subsidiary of CapitaLand Group (“CapitaLand”). CapitaLand is one of Asia’s largest diversified real estate groups. Headquartered in Singapore, CapitaLand’s portfolio spans across diversified real estate classes which include integrated developments, retail, office, lodging, residential and new economy sectors such as business parks, industrial, logistics and data centres. With a presence across more than 250 cities in over 30 countries, the Group is expanding significantly from its core markets of Singapore and China, to the USA, Europe, Australia, India, and Vietnam.
