CBRE, German Firm Buy 1M SF Industrial Building From Venture One
CBRE Global Investors and German investment company Universal-Investment have acquired a 1M SF distribution center within Gateway 57 Corporate Park from Venture One Real Estate. Venture One founding principal Mark Goode — who is a panelist at Bisnow's national industrial event on Aug. 24 — said his firm and Clayco broke ground on the facility in south suburban University Park last year. It is 100% leased to Georgia Pacific. CBRE and Universal-Investment bought the facility through an investment fund established for Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors.
The property is fully cross-docked and features 102 exterior dock doors, two drive-in doors, 200 trailer spaces, ESFR sprinklers and precast insulated concrete panels. With a 36-foot clear height, Gateway 57 is the only building in University Park with a clear height above 32 feet.
CBRE Global Investors-Americas Managing Director Stuart Sziklas said CBRE and Universal-Investment were attracted to the asset because of Georgia Pacific's triple net lease on the center, the physical attributes of the building and its nearness to Interstates 57 and 88, which provide easy access to Chicago. Germany is one of the main foreign entities driving investment in U.S. industrial real estate.