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Chicago & Midwest  + Greater Chicagoland  + Industrial  |  January 17, 2022
JLL Income Property Trust paid $47 million to acquire Elgin Distribution Center, a two-building industrial property in the northwest Chicago suburb of Elgin, IL.
Paul Bubny
By: Paul Bubny

JLL IPT Picks Up New-Construction Elgin Warehouses

JLL Income Property Trust (IPT) has acquired Elgin Distribution Center, a Class A, two-building industrial property totaling 407,000 square feet and located in the northwest Chicago suburb of Elgin, IL. The purchase price was approximately $47 million. 

“The Elgin Distribution Center fits squarely within our industrial investment thesis as a well-located, newly constructed property with strong tenant profiles,” said Allan Swaringen, JLL IPT president and CEO.  

He continued, “The Elgin warehouse submarket stands out for its access to a robust labor pool and close proximity to Chicago, along with O’Hare International Airport, which we believe will drive long-term value for these properties.” 

Recently constructed in 2020, the properties include a cross-docked facility spanning more than 326,000 square feet and a rear-docked one of more than 80,000 square feet. Both properties are 100% leased with a weighted average lease term of approximately 10 years. 

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Inside The Story

JLL IPT's Swaringen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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