Hines, a global leader in real estate investment, development, and property management services, has recently acquired the Chicago Prime Portfolio. This impressive industrial campus spans over 1.1 million square feet and is located at 4700/4800 Proviso Drive and 5000 Proviso Drive in Melrose Park.
As the new owner of this portfolio, Hines plans to implement a strategic value-add capital improvement plan to enhance the properties’ overall value. The transaction was facilitated by CBRE on behalf of the seller.
The two-building portfolio boasts a full occupancy rate with long-term tenants who have been occupying their spaces for approximately two decades. These modern facilities feature desirable characteristics such as high ceilings (32-35 feet), one dock per every 5,000 square feet of space available for use by tenants ,159 trailer parking positions,and dual rail loading capabilities.
According to Will Renner,senior managing director at Hines,”The Chicago Prime Portfolio presents an exceptional opportunity due its prime location within O’Hare submarket which is home to dense population,labor pool,and major highway & rail connections.”
