Hines, a global real estate investment, development, and property manager, has acquired the Chicago Prime Portfolio, a two-building, 1.1 million-square-foot industrial campus located at 4700/4800 Proviso Drive and 5000 Proviso Drive in Melrose Park. Hines will serve as the property manager for the portfolio and intends to implement a strategic value-add capital improvement plan at the properties. CBRE represented the seller in the transaction.
The portfolio is 100 percent leased to three logistics tenants who have occupied their spaces for approximately 20 years. It is comprised of two industrial facilities with modern characteristics, including 32- and 35-foot clear-height ceilings, one dock per 5,000 square feet, 159 trailer parking positions, and dual rail loading.
“The Chicago Prime Portfolio represented a compelling opportunity given its strategic infill location in the densely populated O’Hare submarket, which is supported by a strong labor pool and proximity to major highway and rail arterials,” said Will Renner, senior managing director at Hines.