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Chicago Commercial Real Estate

HSA SELLING, BUYING

CenterPoint is not the only company with its eye on industrial. (Even though our eye wasn't on auto-focus for this picture.) HSA Commercial CEO Bob Smietana (another panelist at our event) tells us that his company recently closed on its $100M sale of a nine-building Chicago industrial portfolio in the I-88 and I-55 corridors (1.5M SF) to Industrial Income Trust of Denver. HSA sold these properties in response to strong investor demand for Class-A product in infill markets, he says. This month, Bob expects to close on the acquisition of a single tenant, net-leased property in Iowa; HSA continues to search nationally for investments. Althought overall US industrial rents are flat, Bob sees activity accelerating. When new Chi-land development comes (not soon) it will likely be in the I-55 corridor, Lake County, and SE Wisconsin.

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