A subsidiary of Blackstone paid almost $150 million for industrial and office buildings in Waukegan and Zion, the biggest Chicago-area industrial property sale of 2022.
New York-based Link Logistics Real Estate bought the 12 properties from New Jersey-based PGIM Real Estate, Crain’s reported.
It was the latest big splash for such real estate in the area. Strategic Lease Partners, a newly formed real estate investment arm of KKR, purchased a 350,000-square-foot industrial property in Chicago Heights from SunTrust Equity Funding in mid-March. Around the same time, developer HIP VI Enterprises submitted plans to build four new warehouses on 75 acres at the northwest corner of Kautz Road and Geneva Drive, next to Chicago’s DuPage Airport.
Founded by Blackstone in 2019, Link acquired more than 5 million square feet across 18 buildings for almost $600 million in the first quarter, according to its website. During the same period, Link also sold 7.6 million square feet of assets for about $1.1 billion.
In the southern suburb of La Grange, another Blackstone subsidiary, Blackstone Real Estate Advisors, sold a 282,000-square-foot industrial property for $57.5 million last October. The industrial property at 9500 West Sergo Drive is occupied by FedEx Ground.
The portfolio of industrial buildings Link recently bought includes 1.4 million square feet across four office buildings — most of them located in the Amhurst Lake Business Park.
In July, Amazon leased a 501,000-square-foot distribution center in the nearby Bridge Point North industrial park, around the corner from another 627,000-square-foot fulfillment center that it leases.
The sale also included a 150,000-square-foot industrial building at 451 Trumpet Park Drive in Zion.
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