JLL Capital Markets has closed the sale of a three-property cold storage portfolio in Chicago. Lineage Logistics, the Michigan-based temperature-controlled logistics company, has purchased the assets from Investcorp.
The portfolio, totaling 712,051 square feet. comprises 2635 S. Western Ave. and 2658 S. Leavitt St. in Chicago; 8424 W. 47th St. in Lyons; and 1544-46 Hecht Dr. in Bartlett.
The portfolio is 100 percent leased to 11 tenants and features clear heights ranging from 24 to 48 feet and ambient temperatures ranging from down to -10. Additionally, it represents one of the few multi-property, multi-tenant cold storage transactions nationally.
The JLL Industrial Capital Markets team representing the seller was led by Senior Managing Director John Huguenard and Senior Director Ed Halaburt along with Managing Director Sean Devaney and Senior Directors Kurt Sarbaugh and Robin Stolberg.
“What is unique about this cold storage portfolio is that it is a multi-tenant portfolio with fewer than four years of average remaining lease term that was able to close in spite of uncertainty caused by the COVID-19 pandemic,” Halaburt said.