Realterm announces the acquisition of a final mile warehouse portfolio consisting of four properties in Kentucky, Michigan and Illinois. With a combined total of 541,369 square feet, the properties include: 7201 Logistics Way, Louisville, Ky.; 3400 Robards Court, Louisville, Ky.; 48282 Frank Street, Wixom, Mich., and 611 Commerce Center Drive, University Park, Ill. Each property is fully leased by a long-term tenant, has an efficient combination of loading positions and offers excess parking.
“These four strategic investments are well-located in markets that continue to post low industrial vacancy rates and deliver superior proximity to major distribution corridors, densely-populated communities and other industrial users,” said Rob Moriarty, Associate Vice President, Central Region Acquisitions, Realterm.
Located in Louisville, Ky., the 240,000-square-foot 7201 Logistics Way has immediate access to I-264, the main throughfare in South Louisville. The property has 22 dock-high loading positions and eight grade-level doors. It is a 20-minute drive from both the Louisville CSX Intermodal terminal and Louisville International Airport as well as downtown Louisville.
The 100,000-square-foot 3400 Robards Court in Louisville, Ky. is minutes from I-264 and I-65, 10 minutes from downtown Louisville and has immediate access to the Louisville CSX Intermodal terminal and Louisville International Airport. The property has five dock-high loading positions and 16 grade-level doors.
Ideally situated outside of Detroit in the suburb of Wixom, which boasts one of the lowest vacancy rates for industrial property in the Detroit market, the 134,369-square-foot 48282 Frank Street offers access to I-96, I-275 and I-696. The property is a 30-minute drive to downtown Detroit and Detroit Metropolitan Wayne County Airport and has 28 grade-level doors.
The 83,000-square-foot 611 Commerce Center Drive is located 42 miles south of Chicago, the third largest metropolitan statistical area (MSA) in the United States. It features four dock-high loading positions and 18 grade-level doors. The property is located minutes from I-57, which runs north/south through Chicago and I-80, which runs east/west across South Chicago providing easy access to four separate intermodal terminals.
“This acquisition represents a unique opportunity to further expand our portfolio of final mile assets in key markets across the US,” said Stephen Panos, Senior Vice President and Fund Manager, Realterm. “We remain committed to expanding our interest in the high flow-through industrial sector given the rising demand for these types of properties.”
Highlights of 7201 Logistics Way, Louisville, Ky. include:
•Square feet: 240,000 SF
•Land area: 25.4 acres
•Loading positions: 30
Highlights of 3400 Robards Court, Louisville, Ky. include:
•Square feet: 84,000 SF
•Land area: 9.5 acres
•Loading positions: 21
•Access: I-264 and I-65
Highlights of 48282 Frank Street, Wixom, Mich. include:
•Square feet: 134,369 SF
•Land area: 15.4 acres
•Loading positions: 28
•Access: I-275, I-696 and I-96
Highlights of 611 Commerce Center Drive, Chicago, Ill. include:
•Square feet: 83,000 SF
•Land area: 14.2 acres
•Loading positions: 22
•Access: I-57, I-80 and I-94
JLL represented the Seller and facilitated the sale.
Photos of the properties can be found here and credited to Realterm.
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.