(CHICAGO) – Hines, the global real estate investment, development, and property manager, today announced it has acquired the Chicago Prime Portfolio, a two-building, 1.1 million-square-foot industrial campus located at 4700/4800 Proviso Drive and 5000 Proviso Drive in Melrose Park, IL, a suburb of Chicago. The portfolio is 100 percent leased to three logistics tenants who have all occupied their spaces for approximately 20 years.
The Chicago Prime Portfolio is comprised of two industrial facilities with modern characteristics, including 32- and 35-foot clear-height ceilings, one dock per 5,000 square feet, 159 trailer parking positions, and dual rail loading.
“The Chicago Prime Portfolio represented a compelling opportunity given its strategic infill location in the densely populated O’Hare submarket, which is supported by a strong labor pool and proximity to major highway and rail arterials,” said Will Renner, senior managing director at Hines.
The campus is proximate to the Union Pacific Global 2 Intermodal railway, the I-294 / I-290 Interchange, the I-294/I-290/I-88 Interchange, the future I-490/I-294 Interchange, and Chicago O’Hare International airport. The submarket boasts attractive fundamentals, limited supply and robust demand. Bulk industrial sites in particular are scarce and challenging to develop in this submarket.
Hines will serve as the property manager for the portfolio and intends to implement a strategic value-add capital improvement plan at the properties. CBRE represented the seller in the transaction.
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $94.6B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling over 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2023.