CHICAGO, IL – October 29, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $38 million sale of a seven-property industrial portfolio totaling 447,059 square feet in the Chicago MSA.
The HFF team marketed the portfolio for the seller, Globe Corporation. Green Door Capital, a Chicago-based private equity sponsor, purchased the assets in part via a partnership with Citimark, Inc., a real estate investment company based in Indianapolis.
Located in the second largest industrial market in the country, the portfolio properties are housed in four separate industrial submarkets. Three of the properties are located in the Northwest Cook Industrial submarket: 5120 Prairie Stone Parkway in Hoffman Estates and 1124 Tower Road and 1555-1559 Brasswood Road in Schaumburg; two are located in the I-80 Industrial corridor: 3225 Corporate Drive and 3301-3301 Corporate Drive in Joliet; and one each are located in the North DuPage submarket: 454 Scott Drive in Bloomingdale; and the I-88 Industrial corridor: 3720 Prairie Lake Court in Aurora. At the time of sale, the portfolio was 93 percent leased to 10 different tenants.
The HFF investment advisory team representing the seller included senior directors Kurt Sarbaugh and Robin Stolberg, managing director Stephen Skok and analyst Sam Berry.
“We are pleased with the execution provided by the HFF team,” said Bert A. Getz, Jr., co-CEO of Globe Corporation. “Some of the assets were developed by Globe, and almost all of them owned for over a decade, reflecting Globe’s long-term investment thesis. The sale of the seven properties reflects a broader strategy within Globe Corporation to partner with and develop larger projects in our core markets.”
“The portfolio is comprised of very well-maintained and well-occupied assets that we are pleased to have acquired,” Shannon Westberg, principal of Green Door Capital added.
About Globe Corporation
Founded in 1901, Globe Corporation is currently managed by fourth generation members of the Getz family. With a rich history that spans many different industries – coal distribution, manufacturing, ranching and commercial banking – Globe Corporation today is a diversified investment company with primary interests in commercial real estate investment and development, capital markets investment management, and private equity investing.
About Green Door Capital
Green Door Capital is a private equity sponsor based in Chicago, Illinois. Originally formed in 2011, Green Door Capital was created to focus on acquiring value-add industrial, retail, and office opportunities. To date, Green Door Capital has acquired over 5 million square feet of real estate assets including industrial, retail and office with a total capital stack of over $315 million. For more information, visit greendoorcapital.com.
About Citimark, Inc.
Founded in 1982, Citimark has an established track record and reputation as a premiere full service real estate investment company focused on commercial real estate investments throughout the U.S. Since inception, Citimark has acquired, developed, managed, and leased over 20 million square feet of Industrial, Office, and mixed-use properties. For more information, visit citimarkinc.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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