Firms chosen to manage
I-55 Corridor freezer site
Sep 16, 2011 10:07 AM
Commercial real estate services firm Grubb & Ellis (NYSE: GBE) was recently selected to provide property management and leasing for a 300,000-square-foot freezer/cooler building in the I-55 Distribution Corridor. The assignment is the result of the company’s preferred provider relationship with GearingStone LLC, a Dallas TX-based commercial special servicing company, which was awarded the asset management contract.
A partnership between Gearing Capital Partners Inc and Minneapolis MN-based CarVal Investors acquired the asset in May 2011.
Jim Cummings, associate vice-president, Industrial; Jack Cozzie, senior vice-president, Industrial; and Frank Melchert, senior associate, Industrial and a member of the company’s Food & Cold Storage practice group, will handle the leasing of the asset.
This team will be bringing more than 70,000 square feet of prime freezer and cooler space to market for lease execution. The space is equipped with racking equipment that can accommodate more than 8,000 pallet positions.
“The facility is unique in terms of its location situated in the premier food district in Chicago with wonderful access to I-55, which is the most sought-after thoroughfare,” said Cummings. “The space is easily divisible for smaller users, if necessary, and the interior configuration provides 60-ft-deep refrigerated staging bays for maximum efficiency.”
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