LOS ANGELES, June 4, 2019 /PRNewswire/ -- In May, Industrial Realty Group, LLC (IRG), one of the country's largest owners of commercial and industrial properties, sold a 1.3 million square-foot site near Chicago. The property serves as the regional distribution center for a global brand.
"IRG is typically a long-term holder of commercial real estate," said John Mase, Chief Executive Officer of IRG. "We have effectively owned and managed the project since 2014. However, we have decided to hand the property off to a renowned, private investment firm and will continue to aggressively pursue acquisition opportunities throughout the country."
The property in Harvard, Illinois is fully-occupied, and the tenant signed another long-term lease in 2018.
Colliers brokerage leaders, David Berglund, Senior Vice President | Minneapolis-St. Paul and Tom Shepherd, CCIM and Partner | Wisconsin represented IRG in this transaction.
"This was a great transaction to work on with IRG. We had strong interest in this property and were able to capitalize on the equity-chasing, single tenant, net lease, industrial property demand across the country," said Berglund.
IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 150 properties in 28 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America's most difficult real estate challenges. Learn more at www.industrialrealtygroup.com.
For more information, contact:
Lauren Crumrine, Director of Marketing
Industrial Realty Group, LLC
SOURCE Industrial Realty Group, LLC