A joint venture partnership between Oak Brook-Illinois-based real estate investor Clear Height Properties and Harbert US Real Estate, an investment strategy sponsored by Harbert Management Corporation, has acquired a 64,340-square-foot, single-tenant light industrial building at 9999 Virginia Avenue in Chicago Ridge, Illinois.

Jimena Sayavedra, Jack Cozzie, and Elise Couston from Newmark were the sole brokers in the purchase transaction. The property is immediately adjacent to the I-294 and 95th Street interchange. The property includes over an acre of outdoor space for storage and fleet parking. Clear Height plans to execute a capital improvement plan and reintroduce the property to the market.

The transaction marks the joint venture’s second recent acquisition. The companies also purchased a 38,942-square-foot, multi-tenant light industrial building at 2100 Corporate Drive in Addison. The deal was brokered by Michael Lupo from Colliers and Julie Lombardo of JLL.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!