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LBA Realty Acquires Two Northlake Storage Buildings For $95M From PGIM Real Estate

Property Image
SOLD
$95,000,000

Illinois

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Industrial960,000 SF
Sold 01/29/2024
the dealdetailscomps
Property Image
SOLD

LBA Realty Acquires Two Northlake Storage Buildings For $95M From PGIM Real Estate

555 North Northwest Avenue & 575 North Northwest Avenue

See Similar Deals
Industrial960,000 SF
Sold 01/29/2024
the dealdetailscomps

Summary

ILLINOIS
Asset Type:Industrial
Price Per Square Foot:$99
Total Square Footage:960,000 SF
Transaction Type:Sale

LBA Realty has acquired two logistics and refrigerated storage buildings in Northlake for $95 million from PGIM Real Estate. The buildings have a total square footage of 480,000. The sale price equates to approximately $198 per square foot. The transaction took place at the address of 555-575 North Northwest Avenue in the Northlake market.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $95,000,000
  • SF: 480,000
  • PPSF: $198

Phil Belling and Steve Layton of LBA Realty acted as the buyers in the transaction. Cathy Marcus, representing PGIM Real Estate, served as the seller. Despite the increase in industrial vacancy rates in Chicagoland, with rates rising to 7.6 percent in the third quarter of last year compared to 3.5 percent in 2002, PGIM Real Estate was able to profit from the deal. The transaction was completed on January 29, 2024.

Colliers provided information on the rising industrial vacancy rates in the Chicagoland area.

Details

SOLD
IMAGE: Phil Belling, Cathy Marcus & Steve Layton DATE: 01/29/2024 ADDRESS: 555-575 North Northwest Avenue MARKET: Northlake ASSET TYPE: Industrial BUYER: Phil Belling & Steve Layton - LBA Realty (@LBA_Realty) SELLER: Cathy Marcus - PGIM Real Estate (@PGIM) SALE PRICE: $95,000,000 SF: 480,000 ~ PPSF: $198 NOTE: LBA Realty purchased two logistics and refrigerated storage buildings in Northlake for $95 million from PGIM Real Estate, at around $198 per square foot for 480,000 square feet. PGIM profited from the deal despite rising industrial vacancy rates in Chicagoland, which rose to 7.6 percent in the third quarter of last year compared to 3.5 percent in 2002, according to Colliers.

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