REIT Maintains 91.5% Occupancy at Chicago-Area Dist. Center
True Value Co. renewed 1.19 million square feet of warehouse space for 10 years in Harvard, IL. The distribution center, one of 12 the retailer-owned hardware cooperative owns in the U.S., will continue to ship products from this location to its stores in the Midwest.
Mirvac Industrial Trust, a REIT based in Australia, acquired the 1.3 million-square-foot industrial property at 308 S. Division St. from True Value 12 years ago as part of a purchase-leaseback deal. The property is on 60 acres in McHenry County, about 97 minutes northwest of Chicago.
John Cash, SIOR and David Haigh of NAI Hiffman negotiated the transaction. NAI Hiffman was retained to market the remaining 139,500 square feet.