CHICAGO, August 8, 2022 -JLL Capital Markets announced today that it has closed the sale of an eight-property, Class A industrial portfolio totaling 3,825,589 square feet of existing assets and 144 acres of land in Pleasant Prairie, Wisconsin and North Chicago, Illinois.
JLL marketed the portfolio on behalf of CenterPoint Properties and a confidential partner. EQT Exeter acquired the portfolio.
"We're pleased we were able to successfully partner with the Exeter team and JLL to achieve a mutually favorable outcome," said Laura Petrucci, CenterPoint's Senior Vice President of Investments.
"In these times of economic uncertainty, we are even more focused on selectively buying high quality and well-located real estate like LakeView to serve our global tenant relationships," said Matt Brodnik, EQT Exeter's Chief Investment Officer.
The eight properties are fully leased to nine tenants and offer users benefits including 32' average clear heights, ample loading and fully circulating truck courts. The properties include:
8123 116th St., Pleasant Prairie, WI
8495 116th St., Pleasant Prairie, WI
8500 109th St., Pleasant Prairie, WI
10490 88th Ave., Pleasant Prairie, WI
11290 80th Ave., Pleasant Prairie, WI
11400 88th Ave., Pleasant Prairie, WI
11559 80th Ave., Pleasant Prairie, WI
3200 Skokie Highway, North Chicago, IL
In addition to the properties, the portfolio included six land sites in Pleasant Prairie totaling 144 acres. Three of the land sites are located on 80th Avenue, with the balance on 100th Street, 88th Avenue and 72nd Avenue.
Almost entirely located within the master planned LakeView Corporate Park, all portfolio properties are located within five minutes of Interstate 94, proving connectivity to population centers in Chicago and Milwaukee.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director and Industrial Group Leader John Huguenard and Senior Director Kurt Sarbaugh.
"As one of the largest transactions recently completed in the Chicago marketplace, this is a great endorsement of the continued growth of the Chicago industrial market," said Huguenard.
"It's really a testament to both CenterPoint and EQT Exeter that they were able to transact on a deal of this size during a volatile time in the market," added Sarbaugh.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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