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CHICAGO, March 13, 2019 (GLOBE NEWSWIRE) -- Black Creek Group, a Denver-based real estate investment manager and development firm with a 25-year history, today announced the acquisition of industrial properties in three strategic submarkets of the Greater Chicago area: I-55 Corridor, I-90 Elgin Corridor and Lake County. Black Creek Group already owns industrial facilities in each submarket as part of its growing industrial portfolio in the Greater Chicago area, which as of December 31, 2018, totaled approximately 4.9 million square feet which includes three buildings currently under development.
“Chicago is a core market for Black Creek Group, and we are excited to leverage our local market knowledge to not only expand our footprint within the region, but also continue to create value for our stakeholders,” said Marty Edmondson, senior vice president of Black Creek Group’s North Central Region. “Through both our recent acquisitions and our ongoing development activity we have continually worked to strengthen our presence in key Chicago submarkets and look forward to expanding on this momentum.”
Each of the newly acquired properties is fully leased and located near major traffic arteries. The largest of the three, 2770 Alft Court in the Elgin, is in the I-90 Elgin Corridor submarket, which boasts one of the lowest vacancy rates in the area at approximately 3.7 percent. The other two buildings are located at 1881 Normantown Road in Romeville and 351-355 Hastings Drive in Buffalo Grove.
Additionally, in December 2018, Black Creek Group completed the acquisition of two Class A industrial buildings that total 386,000 square feet and are located in the I-90 Corridor and DuPage submarkets.
About Black Creek Group
Black Creek Group is an experienced real estate investment management and development firm that has bought or built more than $18 billion of investments throughout its 25-year history. The firm manages diverse investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily – providing a range of investment solutions for both institutional and wealth management channels. Black Creek Group has nine offices across North America with more than 300 professionals. More information is available at blackcreekgroup.com.
Contact: Greg Joslyn
The Lowe Group