Silverman Group has doubled the size of its Chicagoland commercial property portfolio.
The New Jersey-based real estate investment firm spent about $102 million on a 925,000-square-foot collection of low-slung buildings aimed at light industrial and office tenants in the northern and northwest suburbs of Chicago, public records show. The price was about $110 per square foot.
The seller was San Francisco-based Stockbridge Capital Group, which has offloaded a series of Chicago-area industrial, multifamily and office investments in recent years. Stockbridge paid $63.4 million ($69 per square foot) to buy the buildings in 2019, property records show.
The properties are in Buffalo Grove, Vernon Hills and Elgin, and include 17 buildings that were 92 percent leased at the time of sale. The deal brings Silverman’s Chicago-area portfolio to just under 2 million square feet, according to a news release.
“Smaller flex space has proven to be a critical asset for businesses looking for highly functional and well-located industrial facilities,” the firm’s president Blake Silverman said in a statement. “Expanding our presence in Chicago further underscores our confidence in the strength and resilience of both the product and the market.”
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