Cole Real Estate Investments recently announced the acquisition of the Hillshire Brands Company headquarters on behalf of Cole Corporate Income Trust Inc. for $97.5 million. Cole Corporate Income Trust Inc. primarily invests in single-tenant, income-producing necessity corporate properties that are leased to creditworthy tenants under long-term net leases.
The Hillshire Brands Company’s 233,869-square-foot headquarters facility was just recently redeveloped by Sterling Bay Companies, which also entered into a long-term net lease with Hillshire Brands early in the process. With Hillshire’s build-out of the property, all the infrastructure and building components were completely re-done and, for an increase in natural light, windows were added on all four exposures.
Located in the West Loop submarket of Chicago’s Central Business District, the property has good visibility and accessibility, including public transportation. “This was a unique opportunity to acquire a Class A, single-tenant office in the desirable West Loop of Chicago,” said Boyd Messmann, senior vice president of office and industrial acquisitions, who represented Cole in the transaction. “One of the key factors was the long-term lease—nearly 15 years—with an investment-grade tenant.”
Following the transaction, Cole Corporate Income Trust Inc.’s investment portfolio now comprises 27 wholly owned properties in 15 states, totaling around 4.6 million square feet with a purchase price of approximately $731.1 million.
In other local real estate news, Jameson Commercial’s Lou Kahn, Ed Gerstein and Daniel Day represented Brothers Storage and Moving in their relocation from 3141 N Sheffield Ave. to 2701 S Western Ave. The company leased 50,438 square feet of office and warehouse space in the 136,000-square-foot building. Jameson Commercial represented Anderson Brothers and Mark & Michael Nelson of Nelson Hill, while Ed Wabick of Paine/Wetzel represented the ownership.
Illustration Courtesy of: www.sterlingbay.net