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That's because by size, it's the biggest industrial sale in the Midwest since 2008: Interstate Properties and Towne Investments' sale of a 2M SF portfolio to Stockbridge Real Estate Funds for an undisclosed sum.
Elgin building
In 2005, Interstate developed the seven properties that make up the portfolio in the  Northwest Suburban submarket and the other in Wisconsin. It leased them up to 95%, says Cushman & Wakefield's Jim Carpenter and Ken Szady, who repped the seller. The sale was financed by a life insurance company through Cushman & Wakefield Sonnenblick Goldman. Jim senses all parties made out well because the developer created value for itself and the buyer will have a steady, liquid asset. The deal shows that well-leased Class-A industrial is selling in Chicago.
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