Industrial portfolio near Chicago sells for $270 million

A Missouri investor has paid $270 million for a portfolio of warehouses west of Chicago, a massive deal that followed a high volume of sales in the first quarter of this year.

NorthPoint Logistics Properties this month bought the 11-building portfolio in Elgin, Illinois, for $270 million, according to CoStar data and Kane County property records.

That comes after about $1 billion in Chicago-area sales were completed in the first quarter of the year, far above the pace for the opening quarter the previous two years, according to CoStar data.

The Elgin buildings have more than 2.6 million square feet of space combined, and the portfolio is 90% leased, according to an announcement of the deal by Cushman & Wakefield. The brokerage represented the seller, High Street Logistics Properties.

Oakbrook Terrace, Illinois-based High Street bought the portfolio within the Northwest Business Park complex for $230 million in April 2021, according to CoStar data.

High Street and Kansas City-based NorthPoint did not respond to requests for comment from CoStar News regarding the deal, which previously was reported by the Real Deal Chicago.

The largest buildings in the sale are a 547,668-square-foot warehouse at 2500 Galvin Drive and a 500,932-square-foot warehouse at 2550-2580 Northwest Parkway, according to CoStar data.

The other buildings are at 2300-2380, 2400-2430 and 2800-2880 Galvin, 2450-2520 Northwest, 2583-2589 Technology Drive, 2760-2770 and 2780-2794 Spectrum Drive, and 2400-2420 and 2500-2530 Vantage Drive.

Founded in 2012 and led by CEO Nathaniel Hagedorn, NorthPoint specializes in industrial and multifamily real estate investments.

Formed in 2002 as an industrial-focused private equity real estate investment firm, High Street is led by cofounder and Chairman Robert Chagares, a former Trammell Crow executive.