Like serial daters, active buyers think creatively and use broad parameters when searching for their match. Luckily, real estate allows for multiple soul mates and no “’till death do us part†commitment.
With a focus on everything from existing small shallow bay product to developing a 1M SF distribution center, KTR Capital Partners picked up five new properties and some development land this year and boosted its Chicago industrial portfolio to 12M SF. (It would be a safe bet to avoid playing these guys at Risk.) It's latest buy, 2605 and 2640 White Oak Circle in Aurora, totaling 109k SF, was an off-market opportunity in the booming Fox Valley/I-88 corridor submarket, VP of investments Ryan Stoller, who's looking forward to a family trip to Florida over the holidays, tells us. The seller, REM Builders, was repped by CBRE's David Prioletti, and built the two multi-tenant Class-A, shallow bay distribution buildings in 1998, within the White Oak Business Park.
KTR's bullish on the deal because 10k SF to 20k SF tenants are a rapidly improving sector within industrial, and those companies are finding options increasingly limited, Ryan says. Not to mention vacancy is at a 10-year low in the Aurora submarket, and at 7.46% in Fox Valley as a whole, he adds. The properties are currently 57% leased, with METTLER TOLEDO a primary tenant, and capital improvements will include repaving the parking lots, painting, and new T5 lighting. KTR just completed raising its third fund, $1.2B of equity (or $3.5B of buying power), and Chicago will remain a primary market for acquisitions next year.
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