Thomas Company recently led the negotiations and closing of a 968,250 square foot office distribution center fully leased to Supervalu, Inc, (NYSE: SVU) which has merged with United Natural Foods (NASDAQ: UNFI) to create America’s premier food wholesaler. The property is located on approximately 52 acres of land in the greater Chicago area of Joliet, IL.
The property was sold with a 20-year lease which commenced at the close of escrow. It included rent increases throughout the term and five, five-year options to extend. The absolute triple-net (NNN) lease with no landlord responsibilities provides the investor with truly passive ownership.
This state of the art industrial distribution center was built in 2009. A construction grade building, the interior is divided into dry storage, refrigerated storage, and necessary support areas in the warehouse area, as well as general and private office space. The building offers 110 dock doors and 150 trailer spots with 33% of the space being temperature controlled. In addition, the clearing height is approximately 34 feet. It is situated in a primary Chicago industrial submarket with convenient access to Interstate 80, a transcontinental highway.
In addition to this recent transaction, Thomas Company has successfully executed more than $5.6 billion worth of single-tenant transactions, continuing to deliver superior results for our clients.