The industrial property transaction involved in the sale includes 1575-1595 High Point Drive, 200-220 Corporate Drive, 225 Corporate Drive, 300-330 Corporate Drive, and 350-370 River Edge Drive in Elgin. The property spans 950,000 square feet and was sold for $85,000,000, equating to a price per square foot of $89.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $85,000,000
• Buyer: William R. Crooker - Stag Industries
• Seller: Hamid Moghadam - Prologis
• Address: 1575-1595 High Point Drive, 200-220 Corporate Drive, 225 Corporate Drive, 300-330 Corporate Drive & 350-370 River Edge Drive
• Market: Elgin

Prologis, the seller in this transaction, has recently completed several sales of industrial properties in the Midwest, generating $535 million in sales revenue. Among these sales is an $85 million portfolio in suburban Chicago. This sale is indicative of a recent cooling trend in Midwest industrial development following a surge driven by the pandemic, with increased competition in the Chicagoland market and decreased construction activity compared to previous years.