LOS ANGELES – August 2, 2017 – CBRE Global Investors and German investment company Universal-Investment have acquired a newly completed one million square foot build-to-suit distribution/warehouse facility in Gateway 57 Corporate Park in the Chicago area that is 100 percent NNN leased to Georgia Pacific Consumer Products. The acquisition was made for the account of an investment fund established for Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors.
Gateway 57 is located at Central Avenue in University Park, Illinois, within the South Suburban Submarket, which is home to several large distribution/warehouse users. This is the newest delivery into University Park and includes key building specifications demanded by users of bulk warehouse/distribution space today. The property is fully cross-docked and features 102 exterior dock doors, two drive-in doors, 200 trailer spaces, ESFR sprinklers and precast insulated concrete panels. With a 36-foot clear height, the Georgia Pacific building is the only building in University Park with a clear height above 32 feet. This provides a distinct competitive advantage in attracting tenants who need a taller clear height for large racking systems, such as e-commerce retailers.
“Given the region’s expansive transportation infrastructure and central location, Chicago continues to be a premiere hub and a centerpiece of the U.S. freight transportation network,” said Stuart Sziklas, Managing Director for CBRE Global Investors-Americas. “University Park benefits from excellent transportation via I-57 and I-80 and access to a good labor force, and the physical attributes of this building position it very competitively within the peer group.”
“BVK continues to be attracted to investments in North America as part of their geographical diversification strategy,” said Alexander Tannenbaum, Managing Director at Universal-Investment in charge of the Real Estate division. “With industrial demand in this submarket bolstered by the expansion of e-commerce and the growing investment in the logistics space among traditional retailers and distributors, this building at Gateway 57 consequently is a strategic addition for the BVK mandate.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $91.7 billion in assets under management* as of June 30, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
About Bayerische Versorgungskammer
Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.2 million insured persons in total, with yearly contributions of € 4.4 billion and € 3.2 billion in pension payments annually. It currently manages € 84 billion in assets on behalf of the pension schemes and has more than 1,200 employees. Bayerische Versorgungskammer is a signatory of the Charter of Diversity since 2010, the UN Principles for Responsible Investment (PRI) since 2011 and the Memorandum for Women in Leadership since February 2017. Visit www.versorgungskammer.de for more information.
With fund assets in excess of about EUR 314 billion under administration, thereof EUR 261 billion in own vehicles, over 1,000 funds and investment mandates and a workforce of around 650, Universal-Investment is the largest independent investment company in German-spoken Europe. The focus lies on the efficient and transparent administration of funds, securities, real estate and alternative asset classes. The 1968 founded company is headquartered in Frankfurt/Main and has subsidiaries and holdings in Luxemburg and Austria. As pioneer of the investment industry Universal-Investment is now market leader in the areas of master-KVG and private label funds. Owing to the strong growth since starting the real estate business in 2011, Universal-Investment established itself among the Top 3 companies for institutional open-ended real estate funds in Germany. According to the 2017 PwC ManCo Survey, Universal-Investment is the largest AIFM ManCo in Luxembourg; among the Third-Party-ManCos, Universal-Investment ranks in second place. (As per 30 June 2017)