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Singapore-based Global Logistic Properties (GLP) has purchased two distribution facilities in Chicago with a combined area of 448,000 sq ft for US$33 million (S$46.65 million), boosting its entire portfolio in the US city to more than 11 million sq ft.
The multi-tenant buildings were acquired from institutional owners in two separate deals, and both are fully occupied. One is a 308,000 sq ft distribution complex in Bedford Park, an area near Chicago’s Midway Airport, which is home to major FedEx, UPS and USPS facilities, along with the CSX intermodal transport.
The other property measures 139,000 sq ft and is situated in Western Cook County, which offers convenient access to Chicago’s urban areas, with proximity to the I-290, I-294 and I-88 highways. The location is also ideal for “last-mile” deliveries to consumers.
Commenting on the acquisition, GLP Eastern Regional Director, Amy Curry, said: “The quality and location of these two facilities complement our Chicago portfolio well. GLP remains on the lookout for opportunistic assets that will strengthen our network of state-of-the-art logistics facilities to better serve customers across the US.”
At present, GLP’s portfolio in the US consists of 173 million sq ft of modern logistics facilities. It is also the biggest provider of such properties in Brazil, China and Japan.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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