TradeLane Properties has acquired a half-empty warehouse in Montgomery, Illinois, for $30.1 million, as part of the company’s ongoing expansion in the Chicago market.
The Oakbrook Terrace-based industrial real estate company bought the 584,000-square-foot property at 2001 Baseline Road from Stag Industrial, reported the Chicago Business Journal. Cushman & Wakefield’s Mike Tenteris represented Stag Industrial in the deal.
Built in 1974, the property sits near Interstate 88 and is 49% occupied. It features a 30-foot clear height, 55 exterior dock-high doors, eight drive-in doors, 306 auto parking spaces, 107 trailer spaces and 30,000 square feet of office space. TradeLane plans to implement light renovations, including interior electrical service upgrades, exterior building painting, signage and expansion of trailer parking.
The acquisition was made through TradeLane’s U.S. Industrial Fund III L.P. The firm closed its U.S. Industrial Fund III L.P. in September, raising $250 million in total equity commitments.
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