The $100M+ acquisition is one of the largest off-market acquisitions in Chicago this year
A joint venture partnership between Oak Brook-based real estate investor Clear Height Properties and Harbert US Real Estate (“HUSRE”), an investment strategy sponsored by Harbert Management Corporation (“HMC”), has purchased 31 assets and 2 land sites totaling more than 1.4 million square feet of space in the Chicago industrial market for more than $100 million.
With the acquisition of this portfolio that is 98 percent leased to more than 130 businesses, the Clear Height and HUSRE joint venture has nearly doubled in size and now has more than 50 assets totaling approximately 3.0 million square feet. Of the 33 assets acquired, most of them are in the Central DuPage submarket. In addition to DuPage County, the remaining properties are located in Cook, Kane and Lake Counties.
“This is a massive and significant transaction by any measure, especially considering it was completed during a period of economic uncertainty in the capital markets,” said Dominic A. Sergi, CEO, Clear Height Properties. “We’ve had tremendous interest in this portfolio for more than a decade. The completion of this deal demonstrates Clear Height’s persistence, ability to close, and strength in the marketplace.”
The transaction also underscores Clear Height’s long-term growth strategy, in Chicago and across the Midwest.
“Clear Height plans to continue expanding our portfolio, with a goal of owning over $1 Billion of properties by 2027. This marquis portfolio is a great complement to our existing properties, and we are excited at the synergies it will create with our existing operations. We offer our special thanks to Brian Silverman of JBS Commercial for bringing us this off-market opportunity,” said Gary Rose, COO and President of Clear Height Properties. “As we integrate these properties and tenants into our portfolio, we intend to honor the seller’s long-standing reputation in the marketplace and continue to build on the legacy they’ve created.”
Steve Roth and Scott Lewis of CBRE Capital Markets facilitated financing for the portfolio.