DALLAS--(BUSINESS WIRE)--Hillwood Investment Properties, a Perot company, has acquired six Class A industrial properties totaling 1.4 million square feet in the Chicago area through its US Industrial Fund II.
Located in four primary Chicago submarkets, this acquisition consists of six buildings ranging in size from 100,000 to 400,000 square feet. With an average construction date of 2003, these buildings offer modern amenities such as average 30’ clear height, deep truck courts, ESFR, T-5 lighting, and 10-percent office build. The buildings allow for maximum lease up flexibility and tenant expansions with suite sizes that range from 30,000 to 400,000 square feet.
“We purchased these facilities because they are high-quality, Class A industrial properties in fantastic locations throughout Chicago, a Tier One industrial market,” said Tom Fishman, Hillwood’s Executive Vice President. “Our strategy for US Industrial Fund II is to acquire and develop high-quality, functional industrial real estate in major US markets.”
The portfolio was acquired from Northern Builders, Inc., a professional, best-in-class developer and operator. With over 87 years of construction and real estate development experience in the Chicago land market, Northern prides itself on surpassing expectations of timing, quality and performance. Northern has participated in the design, development and construction of over 40 million square feet of industrial, office and retail space.
“Hillwood proved to be an excellent organization to partner with on this property sale,” said Thomas D. Grusecki, President and CEO of Northern in a statement. “Straightforward, flexible, honest people who did everything they said they would do. Great people to do business with, now and in the future.”
John Huguenard, Trevor Ragsdale and Sean Devaney of Jones Lang LaSalle represented both parties in this transaction.
Hillwood, a Perot company, is ranked as one of the top industrial real estate investors and developers in the country and one of the largest residential developers in Texas. The company's developments currently house facilities for more than 85 companies listed on the Fortune 500, Global 500 or Forbes List of Top Private firms. Hillwood is best known for its Alliance brand that includes the 18,000-acre AllianceTexas, 2,000-acre AllianceCalifornia, and 4,474-acre AllianceFlorida at Cecil Commerce Center. For additional information about the company, please visit www.hillwood.com or www.hillwoodinvestmentproperties.com.