PW Commercial Real Estate – TCN Worldwide brokers Marc Hale, Ed Wabick, SIOR, and Terry Lynch, SIOR, recently represented Realterm Logistics in fully leasing its newly acquired property located along 52nd Street just west of Pulaski in Chicago, IL. The property is now fully leased after undergoing a massive renovation and being on the market for less than a year.
The first lease was signed by a regional logistics company for the cross-dock and fleet maintenance facility located at 4100 West 52nd Street. Shortly after moving in, the afore mentioned tenant executed an expansion into an additional cross-dock facility located at 4043 West 52nd Street. This tenant now leases 88-dock doors; a 5,500 square foot fleet maintenance facility; and just over 11 acres of fully secured and paved truck/trailer parking.
The second lease, signed by a national E-commerce company was for the remaining portion of the property located at 4131 W 52nd St. This property consists of a fully paved, fenced, and secured 6.8-acre parking facility. The national eCommerce company signed a lease to fully occupy the site and will be utilizing the facility for vehicle parking and outdoor storage.
“This property represented one of the last available large-scale truck terminals and parking facilities located in the city limits of Chicago,” said Marc Hale, Vice President with PW Commercial Real Estate. “Even though we began marketing this property during the height of the pandemic and before any improvements had been made, interest was still exceptionally high due to the scarcity of this type property and its close proximity to multiple intermodals, interstates, and downtown Chicago.”
“The PW team was vital in assisting Realterm in the execution of our business plan to institutionalize the property and transform it into a modern logistics campus with a great tenant roster,” said Glenn High with Realterm Logistics.
About PW Commercial Real Estate – TCN Worldwide
PW Commercial Real Estate TCN Worldwide is a corporate real estate firm headquartered in Chicago. Since 1975, PW brokers have specialized in the leasing and disposition of office and industrial properties. The firm offers specialists in investments, transactions, consulting, and project management who possess an unrivaled depth of local market knowledge, supported by the latest in technology. For more information, please visit www.painewetzel.com.
Realterm is a real estate operator with a 30-year track record of executing niche private equity strategies at the intersection of the global supply chain and evolving consumption trends. Realterm currently manages over $7 billion in assets through five logistics-oriented private equity fund series: Realterm Airport Logistics Properties (RALP), an open-end fund investing into high flow through (HFT) on-airport logistics real estate throughout North America; Realterm Logistics Income Fund (RLIF), an open-end, core-plus fund, and the Realterm Logistics Fund (RLF) series, a closed-end, value-added fund series, both of which invest into HFT surface transportation logistics real estate throughout the U.S.; Realterm Europe Logistics Fund (RELF), a closed-end, value-added fund series investing into HFT logistics real estate throughout Europe; and Interspace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.