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HFF Closes a $33 Million Sale of an Industrial Warehouse Property in the Chicago Area

Wednesday, July 01, 2015

Preferred Freezer ChicagoHolliday Fenoglio Fowler, L.P. (HFF) recently closed the $33 million sale of a 128,200-square-foot, Class A, cold-storage industrial facility 100 percent leased to Preferred Freezer Services in Chicago, Illinois. HFF marketed the property to a limited number of qualified investors on behalf of the seller, Romel Enterprises, LLC. AAG Management purchased the asset free and clear of existing debt. The HFF investment sales team representing the seller was led by director Jordan Angel and managing director Patrick Sullivan.


Completed in 2003, the one-story industrial building features:

  •  6.6 million cubic square feet of freezer capacity
  • 22,200-square-foot refrigerated loading and unloading dock
  • U.S.D.A, F.D.A and U.S.D.C. designated inspection areas, along with HACCP certification
  • 16 dock doors with levelers and seals
  • 100-percent-diesel backup generator running entire facility
  • Private QA laboratories for on-site sampling and 24-hour security
  • Situated on six acres at 2500 South Damen Avenue in southwestern Chicago, the location provides access to rail and interstate systems, including Interstate 55
  • Additionally, the facility is 21.3 miles from Chicago’s O’Hare International Airport

HFF Chicago is consistently ranked by leading publications as one of the best commercial real estate brokers in the city. Regarded as a CoStar Power Broker 2014, the Chicago team has been recognized by the Midwest Real Estate News as a Top Commercial Real Estate Broker and Financial Intermediary and the No. 2 Capital Markets Intermediary during 2014 by Mortgage Bankers Association.

About Romel Enterprises, LLC and AAG Management

Romel Enterprises, LLC is a privately owned real estate investment company based in San Mateo, California, and owned and managed by the Batt Family. As a principal, Romel invests in high-quality office buildings, commercial distribution centers, flex spaces and multifamily apartments throughout the U.S. The Romel portfolio can be found in A locations within gateway markets. The current portfolio consists of institutional quality office buildings and multifamily apartments, valued at more than $300 million.

New York City-based AAG Management, Inc. has more than 50 years of experience in commercial, residential and retail ownership and management. The company currently owns and manages more than 600 residential apartments, 100 retail stores, 600,000 square feet of office space, 1.5 million square feet of triple net-leased retail and 1.5 million square feet of triple net-leased industrial properties located in 13 states from New York to Alaska.

 






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