New York-based private equity firm KTR Capital Partners has purchased 513 Express Center Drive, an on-airport facility, located on approximately seven acres at O’Hare International Airport in Chicago, Illinois.
“This is a unique opportunity to acquire a Class A facility at Chicago O’Hare International Airport that provides freight related companies direct tug and pull access to the tarmac without having to use public roads,” Brian Milberg, KTR vice president, said in a statement. He added that there was strong tenant interest in the property.
The 138,000-square-foot building is a freight facility located in the O’Hare Express Center, a five-building industrial park. The property features 24-foot high ceilings, loading on three sides of the facility, two drive-in doors, and 165 parking spaces.
“This is a highly functional asset in excellent condition with a prime location that cannot be reproduced,” John DiCola, partner at KTR, said in the statement. “The product type fits well with our growing Chicago portfolio of over 4 million square feet and gives us a front row position to serve the high-end air cargo segment of the O’Hare marketplace.”
In April, the firm acquired 23 buildings near O’Hare airport for $107 million, doubling its holdings in the city. Sixteen of the properties are collectively known as the 33-acre O’Hare Intenational 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.
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.