Michelin North America acquired its longstanding super regional distribution facility for $151M in a major industrial deal in the Chicago suburbs.
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The company picked up the property at 29900 S. Graaskamp Blvd. in Wilmington, Illinois, from a partnership between Silver Creek Development and GFH Partners. The pair paid $126M for the property in 2021, acquiring it from Transwestern Investment Group.
Since then, they have expanded trailer parking and secured an early extension of Michelin's lease ahead of its previous November 2027 expiration, GFH stated in a release.
Since 2015, Michelin has used the property to house inventory for dealers and automakers throughout the Midwest and West. It is 100% occupied by Michelin and is one of the company's two super regional facilities in the U.S., handling 35% of the company's imported inventory, according to GFH.
“There is no stronger endorsement of an asset’s quality than its tenant choosing to own it," GFH Partners CEO Nael Mustafa said in a statement. "Over our investment period, we worked closely with Michelin to enhance the facility and support its operations, culminating in a successful exit for our investors."
The project sits within Elion Logistics Park 55, a 2,500-acre park in Will County located about 60 miles south of downtown Chicago.
Industrial sales activity in the Chicago metro area has boomed in the first three quarters of 2026, with 48.7M SF sold year-to-date, according to Cushman & Wakefield. That is up 72% over the same period last year.
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