Clear Height Properties Announces Sale of 450,034 SF Industrial Portfolio
Clear Height Properties has completed the sale of a seven-property, 450,034-square-foot industrial portfolio located in key Chicago submarkets. The portfolio is 94% leased to 66 tenants. The buyer was J&L Real Properties.
Avison Young marketed the portfolio for sale on behalf of Clear Height.
“After successfully executing our business plan, we are pleased to profitably sell these assets and leverage the proceeds into new opportunities,” said Joe Young, Managing Director, Asset Management & Acquisitions, at Clear Height Properties.
Gary Rose, COO & President of Clear Height Properties, underscored the robust activity in the first quarter. “We’ve acquired three properties totaling $46.7M and 480,177 SF and we are realigning our portfolio and rapidly expanding our footprint and AUM,” he added.
The seven-property portfolio includes:
- 464-480 Country Club Drive, Bensenville
2-tenant, 30,000 SF bldg.; 100% leased; owned and managed since May 2020
In less than 24 months, Clear Height completed extensive exterior improvements and spec suite buildouts. The property went from a transitional tenant base to 100% leased by long-term tenants.
- 130 & 150 E. St. Charles Road, Carol Stream
4-tenant, 64,361 SF development consisting of two buildings; 82% leased; owned and managed since January 2019
Clear Height repositioned the property by completing both interior and exterior improvements and by filling vacancy with four new tenants.
- 5200-5230 W. Roosevelt Road, Chicago
Single tenant, 129,000 SF bldg.; 100% leased; owned and managed since November 2019
Clear Height completed over $1.1 million in capital improvements, including roof replacement, brick replacement and tuckpointing while it owned the building.
- 1221-1311 Rand Road, Des Plaines
39-tenant, 136,533 SF development consisting of four buildings; 89% leased; owned and managed since December 2017
Clear Height completed over $900,000 in capital improvements including roof replacements, paving, and masonry during its ownership.
- 3451 Commercial Avenue, Northbrook
2-tenant, 26,000 SF bldg.; 100% leased; owned and managed since September 2016
Clear Height acquired the building via a short-term sale leaseback and was able to maintain full occupancy during most of its ownership.
- 830 Seton Court, Wheeling
10-tenant, 31,815 SF bldg.; 100% leased; owned and managed since February 2017
Clear height stabilized the multi-tenant building with limited near-term rollover exposure.
- 925 Seton Court, Wheeling
8-tenant, 32,325 SF bldg.; 100% leased; owned and managed since February 2017
Clear Height stabilized the rent roll by expanding and extending two anchor tenants representing more than half of the building.
Avison Young’s Erik Foster and Mike Wilson, Principals based in the firm’s Chicago office, along with Adam Haefner, Principal of industrial brokerage, represented Clear Height.