10550 eighth Ave. Picture by CommercialEdge
DRA Advisors has accomplished a $369 million buy of a 54-building, 2.8 million-square foot portfolio of last-mile and logistics infill industrial property and 84.5 acres of out of doors space for storing situated round metro Chicago, New Jersey, N.J., Lengthy Island, N.Y., and Philadelphia.
The agency acquired the properties by an funding partnership with the portfolio’s earlier proprietor, Enterprise One. Following the acquisition, the consumers plan to conduct various value-add and leasing enhancements to the portfolio.
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DRA obtained financing for the acquisition by Webster Financial institution, CIT, Wintrust and Byline Financial institution. A Chicago-based CBRE Nationwide Companions group represented Enterprise One within the transaction.
Property, at a look
601 Kingsland Drive. Picture by CommercialEdge
The sale of the gathering of properties marks the ultimate transaction within the vendor’s VK Industrial V Fund, which had acquired the property from 2019 by 2022, and is managed alongside Kovitz Funding Group, in line with reporting from Crain’s Chicago Enterprise.
The property vary from single-tenant logistics and warehousing services to interstate trucking and docking hubs. Greater than two-thirds of the services are situated round metro Chicago, a majority portion of that are located in suburban areas.
Three Chicago-area properties that have been bought as a part of the enterprise embrace:
- A 37,000-square-foot warehousing and distribution facility situated at 1429 Shields Drive in Waukegan, Sick. The property was constructed in 2004 and was acquired by Enterprise One in 2022 for $3.2 million, in line with CommercialEdge data.
- 10550 eighth Ave., a 196,300-square-foot distribution heart situated in Nice Prairie, Wis., that may be a portion of the two,400-acre LakeView Company Park. The property was inbuilt 2019 on 11.63 acres, and consists of mechanical loading doorways, 113- to 137-foot truck courts, 50- by 54-foot column spacing and 32-foot clear heights, CommercialEdge information reveals. The asset’s particular person buy value as a part of the portfolio was $16.5 million.
- A 489,000-square-foot constructing situated at 601 Kingsland Drive in Batavia, Sick., that’s house to warehousing house. The property was inbuilt 1995, and underwent a intestine renovation and growth in 2016, in line with CommercialEdge data. Enterprise One acquired the asset in 2020 for $21.2 million, as a part of the identical portfolio acquisition that included 1429 Shields Drive, topic to a $76.3 million mortgage from Webster Financial institution. Following the enhancements, the power options 135-foot truck courts in addition to rail-capable mechanical loading doorways with dock levelers and bumpers.
116 Lehigh Drive. Picture by CommercialEdge
An extra property that was a part of the sale is a 106,850-square-foot warehouse situated at 116 Lehigh Drive in Fairfield, N.J. The advanced was inbuilt 1986, and was bought by the vendor in 2020 for $13.5 million. The power consists of 110-foot truck courts with 24-foot clear heights, 40- by 40-foot column spacing and loading doorways with dock levelers and bumpers. Located inside 4 miles of on-ramps to the Interstates 80 and 280, the power presents freeway entry to a lot of metro New York; Midtown Manhattan is 20 miles away.
The CBRE group that represented the Enterprise One was led by Vice Chairmen Michael Caprile, Zach Graham, Ryan Bain, Brad Ruppel and Brian Fiumara.
Energetic Midwestern industrial gamers
Each the customer and vendor have been actively concerned in quite a few high-profile industrial initiatives all through the Midwest. Earlier in March, DRA Advisors, in a three way partnership with Burton Katzman, recapitalized a 2.2 million-square-foot portfolio of infill-located industrial properties that features places round Detroit.
Enterprise One has been concerned in quite a few growth and funding endeavors within the area. In June of 2022, the agency broke floor on Enterprise Park 47, a 729,800-square-foot speculative growth within the Chicago suburb of Huntley, Sick. In January of that 12 months, the agency started its co-development of an 897,000s-square-foot facility on the Gateway 57 Enterprise Park in College Park, Sick.
