IAC Properties Lands 100 KSF Tenant at Chicago-Area Facility
- Nov 26, 2019
Frozen Assets Cold Storage has signed a long-term lease for roughly 99,000 square feet in a standalone freezer facility in Hodgkins, Ill. The landlord is IAC Properties. CBRE represented both parties in the deal. IAC Chicago Market Center, where the building is located, is a 1 million-square-foot industrial property, comprising dry distribution, cold storage and office space.
IAC Chicago Market Center last traded in 2007, when IAC Properties paid $68.5 million to purchase it from Certified Grocers in a sale-leaseback transaction, per Yardi Matrix data. In 2016, the owner refinanced the property under a $112 million portfolio loan from AXA Equitable Life Insurance, which encumbers seven of IAC’s properties nationwide.
Originally built in 1974, with additional phases in 1985 and 1990, the center underwent a partial renovation in 2012, when the property’s 43,000-square-foot office building and a 247,000-square-foot warehouse were remodeled by Krusinki Construction Co., according to Bisnow. Situated at 6800 Santa Fe Drive on 66 acres, the center offers easy access to interstates 55 and 249 and is 11 miles from Chicago Midway Airport.
CBRE Senior Vice President Steve Livaditis brokered the deal on behalf of both parties. This is one in a series of transactions that CBRE has handled for the tenant, including the lease of a 125,000-square-foot facility in Northlake, Ill. Chicago is one of the top 10 markets in the country when it comes to cold storage space, boasting 188 million cubic feet, according to CBRE.