Stonepeak Acquires Chicago Rail-Served Logistics Portfolio

Stonepeak, an alternative investment firm specializing in infrastructure and real assets, has acquired a three-asset, 1.7 million square foot rail-served logistics portfolio in Chicago from CenterPoint Properties.

The portfolio is located at the largest inland port in North America, anchored by the BNSF and Union Pacific Class I rail intermodal terminals. Simpson Thacher & Bartlett LLP served as legal counsel and Eastdil Secured served as a financial advisor to Stonepeak.

Due to its central location, Chicago is a strategic transportation hub. All six Class I railroads converge in the city, with 25 percent of U.S. freight trains and half of all intermodal trains passing through. Earlier this month, Norfolk Southern Corporation purchased the Great Lakes Reload (GLR) property, a direct rail and truck-served transload warehouse facility located in Chicago. 

“This transaction demonstrates the power of the Stonepeak platform to invest in supply chain real estate with durable infrastructure characteristics,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “The portfolio is directly adjacent to critical rail infrastructure and is a strong addition to our broader real estate strategy.”