Podolsky|Circle Provides Advisory Services in Industrial Portfolio Acquisition
CP Highlands Fund Affiliate Purchases 3-Building Industrial Portfolio in Illinois and Indiana
CP Highlands Fund, LP, a Chicago area based commercial real estate investment fund, announced that an affiliate has closed on the acquisition of 3 industrial property sale-leasebacks totaling 243,000 sq. ft.
The portfolio fell within CP Highland Fund’s investment parameters and consists of three manufacturing plants for the wire and cable industry with long-term leases.
The properties are all 100% occupied and were owned by various private equity investment LLCs for the benefit of the operating business that occupies them. The sellers will use proceeds from the sale to reinvest in the further expansion of the operating business.
The portfolio consists of: 529 Thomas Drive, Bensenville, IL; 4930 Eastland Drive, Elkhart, IN; and 2700 Evans Avenue, Valparaiso, IN. All three buildings are well maintained, functional manufacturing facilities in submarkets that have experienced significant growth in manufacturing demand since the recession.
Podolsky|Circle CORFAC International’s investment advisory team of Randy D. Podolsky, SIOR, Alissa Adler and Adam J. Tarantur, CCIM advised CP Highlands Fund in the acquisition and financing.
Steven H. Podolsky, SIOR, of Podolsky|Circle CORFAC International, advised the sellers. Mr. Podolsky has advised the sellers and operating companies in 10 other transactions in Illinois and Indiana over the past nine years.