GLP has acquired 448,000 sq ft (42,000 sq m) of distribution facilities for US$33m. The buildings were acquired from institutional owners in two separate transactions and comprise multi-tenant assets 100% leased to new and existing GLP customers. With the addition of these two facilities, GLP now owns over 11m sq ft (1m sq m) in the Chicago market.
The first asset is a fully leased 308,000 sq ft (29,000 sq m) distribution building in Bedford Park, an in-fill sub-market located near Chicago’s Midway Airport, which is home to FedEx, UPS and USPS facilities, along with the CSX intermodal.
The second asset is a fully leased 139,000 sq ft (13,000 sq m) distribution building in Western Cook County. The location offers immediate access to Chicago’s urban population with proximity to highways while serving as a good choice for “last-mile” delivery to consumers.
Amy Curry, GLP’s Eastern Regional Director, said: “The quality and location of these two facilities complement our Chicago portfolio well. GLP remains on the lookout for opportunistic assets that will strengthen our network of state-of-the-art logistics facilities to better serve customers across the US.”
Currently, GLP’s portfolio in the US comprises 173m sq ft (16m sq m) of modern logistics facilities.