HFF closes $33 million sale of Class A cold storage industrial facility in Chicago, Illinois
CHICAGO, IL – June 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $33 million sale of a 128,200-square-foot, Class A, cold-storage industrial facility 100 percent leased to Preferred Freezer Services in Chicago, Illinois.
HFF marketed the property to a limited number of qualified investors on behalf of the seller, Romel Enterprises, LLC. AAG Management purchased the asset free and clear of existing debt.
Completed in 2003, the one-story building features 6.6 million cubic square feet of freezer capacity; a 22,200-square-foot refrigerated loading and unloading dock; U.S.D.A, F.D.A and U.S.D.C. designated inspection areas; HACCP certification; 16 dock doors with levelers and seals; a 100-percent-diesel backup generator to run the entire facility; private QA laboratories for on-site sampling and 24-hour security. Situated on six acres at 2500 South Damen Avenue in southwestern Chicago, the location provides access to rail and interstate systems, including Interstate 55. Additionally, the facility is 21.3 miles from Chicago’s O’Hare International Airport.
The HFF investment sales team representing the seller was led by director Jordan Angel, managing director Patrick Sullivan and real estate analyst Ryan Chambers.
“This transaction was a win for both buyer and seller,” Angel said. “It represents a great asset fully occupied by a best-in-class freezer storage company.”
About Romel Enterprises, LLC
Romel Enterprises, LLC is a privately owned real estate investment company based in San Mateo, California, and owned and managed by the Batt Family. As a principal, Romel invests in high-quality office buildings, commercial distribution centers, flex spaces and multifamily apartments throughout the U.S. The Romel portfolio can be found in A locations within gateway markets. The current portfolio consists of institutional quality office buildings and multifamily apartments, valued at more than $300 million.
About AAG Management
New York City-based AAG Management, Inc. has more than 50 years of experience in commercial, residential and retail ownership and management. The company currently owns and manages more than 600 residential apartments, 100 retail stores, 600,000 square feet of office space, 1.5 million square feet of triple net-leased retail and 1.5 million square feet of triple net-leased industrial properties located in 13 states from New York to Alaska. Learn more at www.aagmanagement.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
HFF Managing Director
HFF Associate Director, Marketing