Joint Venture Acquires Industrial Portfolio In Southwest Suburban Chicago
A joint venture partnership between Oak Brook, IL-based real estate investor Clear Height Properties and Harbert US Real Estate, an investment strategy sponsored by Harbert Management Corporation, has acquired a 131,733 square-foot, 4-building industrial portfolio located at 4725/4735 W. 135th St. and 13500/13530 S. Kenton Ave. in Crestwood, IL.
The portfolio is 88% leased to 19 tenants ranging in size from 2,900-23,000 square feet. Walter Murphy of Lee & Associates Commercial Real Estate Services represented the seller.
“We are thrilled with the opportunity to acquire this strategically located industrial complex that boasts both a local and national tenant roster,” said Ryan Maher, Director of Acquisitions for Clear Height Properties. “With such a dramatic influx in big-box new construction, this acquisition holds a vital position in the marketplace for users requiring smaller flexibly-sized suites and functional space with loading capabilities.”
The brick-masonry buildings, located within the South Cook County Submarket, were developed from 1989-1991 and are located 1 mile south of I-294/127th St. interchange and immediately adjacent to numerous retail amenities. Each building has multiple units and all units have access to an overhead door and a dedicated or shared loading dock with 17’-18’ clear height.
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