Clear Height Properties / ICP Funds Acquire Multi-Tenant Shallow-Bay Industrial Business Park in Addison, Illinois
OAK BROOK, IL (December 12, 2024) – A joint venture partnership between Oak Brook-Illinois-based real estate investor Clear Height Properties (“Clear Height”) and Houston-Texas-based ICP Funds has acquired Centerwest Business Park, a multi-tenant shallow-bay industrial business park, totaling 116,224 square feet, at 2055 West Army Trail Road in Addison, Illinois.
Located in one Chicago’s best performing industrial markets, the Central DuPage submarket has a vacancy rate less than 3%. The park is located at the southwest intersection of I-355 and Army Trail Road. The diversified park is home to sixteen tenants, with both drive-in doors and dock-high doors.
Kurt Sarbaugh and Sean Devaney of JLL were the sole brokers in the sale transaction.
About Clear Height Properties
Piloted by an experienced leadership team, Clear Height Properties has built a strong platform for acquiring and operating industrial real estate in the most desirable locations throughout the Midwest and central United States. From its headquarters in Oak Brook, Illinois, the firm has bought and sold 200 assets totaling over $880M over the past ten years, establishing a record of strong risk-adjusted returns. Driven by its core values and mission of “building wealth and creating legacies,” Clear Height is uniquely positioned to invest in, manage and add value to every asset and relationship. Learn more at www.clearheight.com.
About ICP Funds
ICP Funds is an evergreen private equity real estate fund, with properties in 14 U.S. cities, that pools investors’ funds into its growing portfolio of industrial, flex, and suburban corporate offices in markets throughout the US. Learn more at www.icpfunds.com.