Joint Venture Completes Acquisition of 75,000 SF Industrial Facility
The joint venture partnership of Clear Height Properties and Harbert U.S. Real Estate, an investment strategy sponsored by Harbert Management Corporation, has acquired a 75,000-square-foot, single-tenant net leased industrial building located at 1228 Tower Road in Schaumburg, Illinois. The joint venture recently completed a $55+ million recapitalization that created a 15-property Chicago industrial portfolio totaling more than one million square feet.
The 1228 Tower Road acquisition was coordinated by Adam Haefner, Principal, of Avison Young. The terms of the acquisition were not disclosed.
The acquisition represents the initial efforts by the new joint venture to double their holdings over the next 12 months by acquiring well located industrial assets in the Chicagoland area. The acquisition underscores Harbert’s commitment to build a strong presence in Chicago, as the initial portfolio acquisition marked Harbert’s entry into the Chicago industrial market.
The 75,000-square-foot building at 1228 Tower Road was constructed in 1967. It sits on 3.68 acres and offers parking for 114 vehicles. Other features of the building include approximately 10,400 square feet of office space, 16-24 foot clear ceiling heights, four exterior doors and two drive in doors.
The building is leased to ABX, a privately-held flexible packaging manufacturer out of North Carolina. Concurrent with the acquisition, Clear Height negotiated a long-term extension of the tenant’s lease. ABX had recently purchased Berry Global Inc. ABX and its predecessor companies have been long term occupants of the building. Building operations are focused on blow-molded bottles and injection-molded closures for the food, healthcare, spirits and personal care end markets.
The building is situated in northwest suburban Schaumburg, south of the I-90 Tollway and west of Meacham Road.