Clear Height Properties and Harbert U.S. Real Estate, an investment strategy sponsored by Harbert Management Corporation, have acquired a $55 million-plus recapitalization of a 15-building, multi-use logistics portfolio totaling more than 1 million square feet of industrial and flex space throughout the Chicago area.
Clear Height Properties will maintain management of the assets and retain an ownership percentage.
The new venture will seek to double the size of the portfolio by acquiring additional properties throughout the Chicago industrial market over the next 12 months.
The portfolio is approximately 90 percent leased to 127 tenants and a weighted average lease term of 2.73 years. All the assets are within various infill western Chicago industrial submarkets, including O’Hare, North Cook County and DuPage County. This primary transportation hub allows tenants to reach an overwhelming majority of the country within a two-day’s drive. Additionally, as the
