Investcorp completes $200 million sale of industrial real estate portfolio in Boston, Chicago

Manama

Investcorp has sold a portfolio of industrial real estate properties located in the Boston and Chicago metropolitan areas in two separate transactions for a combined total of more than $200 million, the company said.
 
Investcorp acquired the properties comprising the approximate 1.8 million square foot portfolio of industrial, warehouse and distribution real estate in 2017 and completed a number of initiatives, including increasing overall occupancy of the portfolio to 98% at the time of exit.
 
The Boston-based properties comprised a warehouse, distribution and flex real estate portfolio totaling approximately 1.1 million square feet. The three individual cold storage Chicago properties were located in close proximity to downtown Chicago and comprised approximately 700,000 square feet, which were used primarily for the storage and distribution of frozen food products.
 
Investcorp currently owns approximately 230 industrial properties across the US totaling approximately 19 million square feet. For 2019, Investcorp ranked as the second largest international buyer and fourth largest international seller of US real estate, according to Real Capital Analytics.