11 Sep Clear Height Properties/Harbert U.S. Real Estate Acquire Lake County Industrial Property
A joint venture partnership between Oak Brook-based real estate investor Clear Height Properties (“Clear Height”) and Harbert US Real Estate (“HUSRE”), an investment strategy sponsored by Harbert Management Corporation (“HMC”), has acquired an industrial property at 700‒750 Chestnut Avenue in Park City, Illinois. Situated between Lake Bluff and Waukegan, and only a mile from the new American Place Casino, the property includes two buildings totaling 103,686 SF on over eight acres of usable land. Both buildings are leased by Reyes Coca-Cola Bottling. In addition to the two buildings, the property includes gated outside parking/storage for semi-truck cabs and semi-truck trailers as well as fleet delivery vehicles.
“This acquisition is perfectly aligned with our investment strategy,” said Rick Nevarez, Clear Height Properties’ Director of Acquisitions. “We target distribution, manufacturing, flex, and Industrial Service Facilities (ISFs). These assets are unique with parking and generous outdoor storage.”
“We are excited to acquire this extremely rare property,” added Robin Stolberg, Managing Director of Acquisitions at Clear Height Properties. “The functionality, location, and upside all contribute to our confidence in this investment.”
Paige Gunn, Vice President of Industrial Real Estate and Investment Sales at Stream Realty Partners represented Clear Height in the acquisition. CBRE has been retained to lease the property, led by Executive Vice President Jason Lev, Senior Vice President John Suerth, and Vice President Jimmy Kowalczyk.