Arden Logistics Parks (ALP), Arden Group’s logistics real estate operating platform specializing in the acquisition of industrial business parks, has acquired a Chicago industrial site located in Addison. The 34,700-square-foot industrial service facility (ISF) and outdoor storage asset is the most recent addition to ALP’s portfolio.

ALP acquired the property through an off-market transaction from the seller, who purchased the 3.61-acre vacant site a year ago. The seller completed a capital improvement plan to enhance the property and eventually leased the asset to UPS.

“We will immediately benefit from the asset’s in-place cash flow with an investment grade tenant, and it is the latest component of our broader plan to expand throughout the Midwest,” said Craig Spencer, chairman and CEO of Arden Group.

As the third-largest MSA in the country, Chicago requires a robust industrial real estate infrastructure, which drives continual demand for logistics assets throughout the region’s supply chain.