Central U.S. Portfolio Sale Sets High-Water Mark
The challenge was to achieve a premium price for a large (over two million square feet) Class A industrial portfolio in a secondary location within the Chicago market. The portfolio also included a flex and bulk industrial in Miklwaukee, WI, and Minneapolis, MN. Significant prepayment penalties on existing debt had to be avoided.
Cushman & Wakefield demonstrated the attractiveness of the Chicago location through research and superior local-market knowledge; accessed multiple buyer types by leveraging multiple Capital Markets teams during the marketing process; and used CWSG relationships with the existing lender to mitigate prepayment penalty and secure attractive acquisition financing.
This was the first large portfolio sale (more than $146 million) in the central United States since the market downturn. It set a high-water mark for pricing and saved $5 million in prepayment penalties by refinancing the existing debt.