CBRE Global Investors and German investment company Universal-Investment acquired a newly completed, 1-million-square-foot, build-to-suit distribution/warehouse facility leased to Georgia Pacific in Gateway 57, in suburban Chicago’s University Park. The property, situated on Central Avenue, near Interstate 57 and Steger Road, was acquired from developer Venture One Real Estate, on behalf of German pension fund manager Bayerische Versorgungskammer (BVK).

The price was undisclosed. Area media indicated that similar Chicago-area assets recently sold for $55-$65 per square foot. Crain’s Chicago Business also noted that, based on square footage, the deal ranks as the fifth-largest industrial sale in the Chicago area over the past two years. Gateway 57 is the newest delivery into University Park.

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