OAK BROOK -- CenterPoint Properties has sold its portfolio of trucking terminals around the country, including three area warehouses, to an institutional investor, according to those involved in the sale. Terms of the transaction were not disclosed.
The portfolio includes three Illinois properties: 11201 Irving Park Road, Franklin Park, a 28,808-square-foot building leased to UPS; 2300 Landmeier Road, Elk Grove Village, a 19,120-square-foot building; and 720 Greenleaf Ave., Elk Grove Village, a 7,090-square-foot building.
"This portfolio is an integral part of the logistics infrastructure that supports e-commerce growth on a national level," said Erik Foster, a principal of Avison Young, which negotiated the sale for Oak Brook-based CenterPoint Properties. "This expansive trucking property portfolio allows the new owner to supplement its existing industrial investment platform and further position its funds for strong long-term growth."
The buyers were advised by J.P. Morgan Asset Management.
The 1.75-million-square-foot portfolio has a strong geographic diversification, with many properties having access to the nation's top rail, port and airport distribution hubs. Most properties are single-tenant properties, leased to top tier logistics tenants, including FedEx, UPS, YRC Inc., Amazon, XPO Logistics and SAIA Motor Freight Line. About 60% of the portfolio's square footage is in the Northeast, with the Midwest having nearly 20% of the properties (Milwaukee; South Bend, Indiana; Indianapolis, Cleveland and others).