Investcorp has sold a three-property, cold-storage portfolio totaling 712,051 square feet in high barrier-to-entry Chicago markets.
The financial terms were not disclosed.
Lineage Logistics, which is controlled and operated by Bay Grove, purchased the assets.
The portfolio comprises 2635 S. Western Ave. and 2658 S. Leavitt St. in Chicago; 8424 W. 47th St. in Lyons, Ill.; and 1544-46 Hecht Dr. in Bartlett, Ill. These facilities provide tenants with easy access to Chicago’s urban core population, and each location is known for its food-oriented user base and benefits not only from the region’s population base of 9.5 million but also for being one of the leading food production centers in the world. The portfolio is 100 percent leased to 11 tenants and features clear heights ranging from 24 feet to 48 feet and ambient temperatures ranging from down to –10 degrees. Additionally, it represents one of the few multi-property, multi-tenant, cold-storage transactio
