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Clear Height JV Acquires Light Industrial Portfolio
A joint venture partnership between Oak Brook, IL-based Clear Height Properties and Buligo Capital Partners has acquired a 265,000 square-foot, five-building light industrial portfolio located in Hoffman Estates, Schaumburg, Aurora, and Bloomingdale, IL. The seller was Chicago-based investor Green Door Capital.
Deal terms weren’t disclosed. The portfolio is 100% leased to four tenants with more than seven years of weighted average lease term remaining.
“Our investors will benefit from strong initial cash yields and future upside through the continued long-term tenancy and appreciation of this portfolio,” said Gary Rose, Clear Height’s COO and president.
Clear Height and Buligo plan to add additional value to the properties through an extensive capital improvement program, which will commence immediately.
JLL senior director, capital markets Kurt Sarbaugh and industrial platform leader John Huguenard represented the seller. JLL’s Capital Markets team of managing director Christopher Carroll and director Lucas Borges led the financing efforts.
- ◦Sale/Acquisition
- ◦Financing
