Clear Height Properties & Harbert Management JV Acquires Schaumburg Asset

22 Oct Clear Height Properties & Harbert Management JV Acquires Schaumburg Asset

Clear Height Properties & Harbert Management JV Acquires Schaumburg Asset;

Joint Venture Completes Acquisition of 75,000 SF Industrial Facility

OAK BROOK, IL (May, 2021)—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.

About Clear Height Properties

Clear Height Properties is a real estate investment and management company that is focused on creating value for its investors by acquiring and developing office and industrial properties. The company’s vision to be the best in creating value for its clients through acquiring and developing properties in the most desirable locations. For more information, please visit www.clearheight.com.

 

About Harbert Management Corporation

Harbert Management Corporation (“HMC”) is an investment management firm focusing on alternative assets, with approximately $7.6 billion in Regulatory Assets under Management as of March 31, 2021. A privately owned firm founded in 1993, HMC serves foundations, endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. For additional information about HMC, visit www.harbert.net.

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