Clear Height Properties/Harbert U.S. Real Estate Acquires Multi-Tenant Industrial Buildings in Addison, Illinois

Acquisition represents third transaction for joint venture

A joint venture partnership between Oak Brook-based real estate investor Clear Height Properties and Harbert US Real Estate, an investment strategy sponsored by Harbert Management Corporation (“HMC”), has acquired an 83,745 square-foot, multi-tenant group of four buildings located at 1765-1795 Cortland Court, in Addison, IL.

The brick masonry buildings sit on a 4.3-acre site and are currently just over 90 percent leased to a variety of tenants. Two spaces are available at 1,380 and 5,365 square feet.

“This acquisition fits our classic profile of a strong asset in a sought-after, in-fill market,” said Gary Rose, COO & President, Clear Height Properties. “Along with our partner, we see an opportunity to enhance value by improving operations, occupancy, and cash flow through continued strong leasing efforts and a new capital improvement plan.”

This represents the third transaction following Clear Height and Harbert US Real Estate’s formation of their joint venture with a 15-building, $55+ million recapitalization in 2021. The joint venture also acquired a 75,000-square-foot, single-tenant, net-leased industrial building located at 1228 Tower Road in Schaumburg.

The seller was represented in the transaction by Avison Young’s Erik Foster and Mike Wilson, Principals based in the firm’s Chicago office and members of its national industrial capital markets team, working in conjunction with local Chicago industrial professionals Adam Haefner, Zeke Rowan, and Martin Mikaitis.