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TRANSWESTERN INVESTMENT GROUP SELLS 2 MILLION SF MICHELIN DISTRIBUTION CENTER NEAR CHICAGO
(APRIL 27, 2021 – CHICAGO) – Transwestern Investment Group (TIG®) announces it has sold the Michelin Super Regional Distribution Center in Wilmington, Illinois, to Silver Creek Development. A build-to-suit for Michelin, the 2 million-square-foot project sits within Elion Logistics Park 55, a 2,500-acre rail-served industrial park located at the intersection of Interstate 55 and Lorenzo Road in Will County.
Elion Logistics Park 55’s strategic location outside of Chicago provides access to 30% of the total U.S. population within a one-day drive. Additionally, it is near both BNSF Logistics Park Chicago and Union Pacific intermodal facilities in Elwood and Joliet, Illinois, respectively.
“TIG acquired this investment due to its strategic location and the durable income that is generated from the Michelin lease,” said Chris Sterling, Vice President at TIG. “During TIG’s ownership, Michelin expanded by more than 300,000 square feet and extended its lease term, further validating its commitment to this project. Having achieved our client’s investment objectives, we elected to have Eastdil market this asset for disposition.”
The project’s desirable location coupled with a long-term lease to Michelin generated strong interest from the investment community for the asset. Ultimately, TIG selected Silver Creek as the buyer.
Nick Murphy and Josh McArtor of Eastdil Secured represented TIG in the transaction.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is a real estate investment adviser with $4.7 billion of assets under management as of December 2020. The firm serves a broad range of institutional and high-net-worth clients with its full-service investment management and Transwestern’s integrated operating platform.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
The clients included in this press release were not selected based on performance, but because they are some of the largest well-known clients with similar strategic alliances. It is not known whether these clients approve or disapprove of TIG or the services or products it provides.