Matterhorn, TPG Launch JV Targeting Chicago Industrial: The Chicago Deal Sheet
Matterhorn Venture Partners formed a joint venture with TPG Angelo Gordon U.S. Real Estate to put together a portfolio of industrial value-add assets in the Chicago area and surrounding Midwest markets over the next four years.
The venture has a $300M equity commitment to deploy in industrial acquisitions in Chicago and nearby target markets, with total buying power of over $900M. To kick off the new partnership, the firms recently closed on the acquisition of two vacant industrial assets in suburban Chicago totaling $30M in capitalized value.
The pair bought a 185K SF industrial distribution building at 2440 Pratt Ave. in Elk Grove Village and a 47K SF light industrial building at 1000 N. Main St. in Lombard.
"We're proud to acquire two quality assets from an institutional owner and look forward to swiftly executing lease-up business plans at these well located assets," MVP CEO Scott McKibben said in a release.
The partnership is seeking industrial value-add acquisitions with opportunities for lease-up plays, repositioning and bringing rental rates to market.
PEOPLE
Atlanta-based Stonemont Financial Group hired Lindsay Kindlon to co-head the firm's industrial vertical, with a focus on expanding the firm's footprint across the Midwest. Previously, she served as head of asset management for Logistics Property Co. and led leasing for a 50M SF industrial portfolio at Ares Management Corp.
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Lee & Associates brought Sean Austin back to the company as a principal in its industrial brokerage group. Over the course of his career, Austin has represented more than 20M SF of Class-A institutionally owned industrial projects. Austin originally joined Lee & Associates of Illinois in 2018 as a vice president.
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Colliers brought on the veteran tenant-rep team of Joe Zona, Kevin Schultz and John Gaines as executive vice president and vice presidents, respectively. The trio, who joined the company from Newmark, will provide portfolio management services to U.S. and global clients. They will be based in the firm’s downtown Chicago office.
SALES
Logistics Property Co. closed on a 22-acre site at I-390 Frontage Road and Irving Park Road in Schaumburg for an undisclosed sum. Construction is expected to start in July and finish in Q3 of 2027. When complete, 390 O’Hare Logistics Park will total 443K SF across two buildings.
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A local investor who operates a chain of grocery stores bought a 23K SF retail strip center at 1776 Algonquin Road in Mount Prospect for about $3M. Marcus & Millichap's Mitchell Kiven, Coult Greenwell, Eric Abbott and Zachary Taylor marketed the property on behalf of the seller and procured the buyer.
FINANCING
Community Investment Corp. received a $10M loan from JPMorgan Chase. The loan will increase CIC’s in-house lending capacity, enabling the nonprofit to originate more loans for local small developers focused on affordable housing. Since 2020, CIC has received $3M in grant funding from the bank to help acquire and rehab rental housing and assist local rental property owners.
THIS AND THAT
Quantum Machines will establish a flagship hub at the Illinois Quantum and Microelectronics Park. The company will operate a lab at the IQMP for research and development on a hardware-control co-design approach to align quantum processors, classical infrastructure and control software.
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Becknell Industrial launched a private, perpetual life industrial income REIT: Becknell Industrial Income Trust. The company stated in a release that the decline in new construction in industrial CRE, increases in demand driven by e-commerce sales growth and the reshoring of manufacturing activity to the United States provide an attractive entry point for investors.
CORRECTION, FEB. 12, 10 A.M. CT: This story has been updated to clarify the title of a new hire.
