Black Creek Grows Chicago Industrial Presence
- Feb 07, 2020
Black Creek Group has acquired a 110,355-square-foot industrial property in the western Chicago suburbs for $8.2 million. Transwestern Commercial Services represented the buyer. Seller IRC International Realty Corp. acquired the facility from The Opus Group for $6.2 million in 2000, according to Yardi Matrix data.
Black Creek has dramatically increased its footprint in Chicago during the past 12 months. In December, the company acquired a 121,236-square-foot building at Paragon Business Park in Romeoville, Ill., for $13.6 million, according to Yardi Matrix. Following the latest purchase, the investor’s Chicagoland portfolio spans six buildings totaling 1.1 million square feet.
Built in 2000, the single-story, Class A building includes 38-foot clear heights, exhaust fans and make-up air units. The property has a parking ratio of 0.65 spaces per 1,000 square feet and is fully leased by a transportation and logistics firm.
Located 35 miles west of downtown Chicago at 2350 Prospect Drive in Aurora, Ill., the facility is a short distance from Interstate 88. More than $265 million in industrial sales closed in the Interstate 88 Corridor submarket in 2019, according to Transwestern, with $205 million occurring within Aurora city limits.
Transwestern Executive Vice Presidents Justin Lerner and Joe Karmin assisted Black Creek in the purchase. In January, the buyer acquired a 292,466-square-foot Class A warehouse in Mount Laurel, N.J., for $32.2 million.