Black Creek Group makes three acquisitions in Greater Chicago
Black Creek Group, a Denver-based real estate investment manager and development firm with a 25-year history, has acquired industrial properties in three strategic submarkets of the Greater Chicago area: I-55 Corridor, I-90 Elgin Corridor and Lake County.
Black Creek Group already owns industrial facilities in each submarket as part of its growing industrial portfolio in the Greater Chicago area which, as of 31 December, 2018, totalled approximately 4.9 million square feet which includes three buildings currently under development.
“Chicago is a core market for Black Creek Group, and we are excited to leverage our local market knowledge to not only expand our footprint within the region, but also continue to create value for our stakeholders,” says Marty Edmondson, senior vice president of Black Creek Group’s North Central Region. “Through both our recent acquisitions and our ongoing development activity we have continually worked to strengthen our presence in key Chicago submarkets and look forward to expanding on this momentum.”
Each of the newly acquired properties is fully-leased and located near major traffic arteries. The largest of the three, 2770 Alft Court in the Elgin, is in the I-90 Elgin Corridor submarket, which boasts one of the lowest vacancy rates in the area at approximately 3.7 per cent. The other two buildings are located at 1881 Normantown Road in Romeville and 351-355 Hastings Drive in Buffalo Grove.
Additionally, in December 2018, Black Creek Group completed the acquisition of two Class A industrial buildings that total 386,000 square feet and are located in the I-90 Corridor and DuPage submarkets.