Private equity real estate firm KTR Capital Partners, founded by the management team from industrial REIT Keystone Property Trust, has acquired 23 buildings in Chicago for a reported $107 million (€79 million). The firm also acquired four properties in the suburbs of Nashville in an unrelated buy.
The Chicago acquisition is comprised of 1.9 million square feet of industrial space near O’Hare International Airport on the city’s Northwest side, bringing KTR’s property holdings in the city to 4 million square feet.
According to the firm, 16 of the properties are collectively known as the 33-acre O’Hare International Plaza in Schiller Park. The balance of the portfolio is situated elsewhere in Schiller Park, as well as suburban markets like Elk Grove Village, Franklin Park, Itasca and Des Plaines. The properties are 85 percent leased.
“Each of the properties are centrally located and will greatly broaden our holdings in the O’Hare marketplace with a variety of building sizes in either single or multi-tenant configurations,” Brian Milberg, vice president at the firm, said in a statement. “The existing availabilities are well-positioned to appeal to a diverse set of tenants that prefer an O’Hare business location.”
In Nashville the firm acquired four industrial properties in the northern suburb of Portland, Tennessee. Geared towards the tracking business on Interstate 65, three of the buildings are located in the Tennessee/Kentucky Industrial Park west of the highway, while the other building is located a few miles east of the artery. Details of the transaction were not disclosed.
KTR was launched in November 2004 to focus on US industrial properties. The firm’s first vehicle, Keystone Industrial Fund, has more than $500 million in capital