Realterm announced the acquisition of a 181,025-square-foot highly functional final mile warehouse located at 7001 S. Harlem Avenue, Bedford Park, Illinois. The 13.74-acre property features 28 loading positions, 5,000 square feet of office space and a 5,000-square-foot shop.
“Chicago is a premier market for industrial real estate and a national intermodal logistics hub,” said Ed Brickley, Managing Director and Senior Fund Manager, Realterm. “As Chicago’s industrial sector continues to post historically low vacancy rates, we are pleased to add this strategic investment to our portfolio, and we look forward to continuing to invest in similar properties across the country.”
Located 15 miles south of downtown Chicago in the highly sought-after Bedford Park industrial submarket, the facility offers close proximity to I-55 and I-294, providing users convenient access to Chicago and its regional markets. Additionally, the property is six miles from Chicago Midway International Airport, 25 miles from O'Hare International Airport and three miles from the Belt Railway, the largest intermediate switching terminal railroad in the U.S.
“As Chicago’s industrial market continues to see record levels of demand and as ecommerce fuels continued growth, the combination of the property’s size, location and features make it desirable to a host of occupiers,” said Rob Moriarty, Associate Vice President, Central Region Acquisitions, Realterm.
Highlights of the property include:
Square feet: 181,025 SF
Land area: 13.74 acres
Loading positions: 28
Access: I-55 and I-294
Currently available for lease, the facility is ideal for use by food and beverage groups and parcel and trucking companies or as a third-party logistics warehouse.
Realterm is a real estate operator with a 30-year track record of executing niche private equity strategies at the intersection of the global supply chain and evolving consumption trends. Realterm currently manages over $9 billion in assets through five logistics-oriented private equity fund series: Realterm Airport Logistics Properties (RALP), an open-end fund investing into high flow-through (HFT) on-airport logistics real estate throughout North America; Realterm Logistics Income Fund (RLIF), an open-end, core-plus fund, and the Realterm Logistics Fund (RLF) series, a closed-end, value-added fund series, both of which invest into HFT surface transportation logistics real estate throughout the U.S.; Realterm Europe Logistics Fund (RELF), a closed-end, value-added fund series investing into HFT logistics real estate throughout Europe; and Interspace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.