Dermody Properties/DP Partners Acquires Niles, Ill., Building Occupied by Fort Dearborn Company
CHICAGO – Dermody Properties/DP Partners has announced the acquisition of a 149,474 square foot industrial facility on 7.64 acres in Niles, Ill., for an undisclosed purchase price. It is a building currently leased to the Fort Dearborn Company through June 2016.
The purchase comes on the heels of two trend-bucking property sales from the Dermody Properties’ national portfolio that both closed on November 30: a 689,400 square-foot industrial building in Savanna, Ga., and a 599,500 square foot building in Logan, N.J.
DP Partners purchased the property from prior owner TR 13126, LLC, via a joint venture with investment partner Wanziang America Corporation. The transaction closed December 9, 2010, and was managed by the DP’s Midwestern Region Office, and regional Partner, Andy James. TR 13126, LLC, was represented by Jeff Kahn, Jeff Devine and Steve Disse at Colliers International.
“This was a strategic acquisition for Dermody Properties/DP Partners,” said James, “We are excited about our new tenant, Fort Dearborn, and our new venture with Wanziang. The Colliers’ team did an excellent job facilitating this transaction.”
The Fort Dearborn Company has been operating in this facility at 6035 Gross Point Road for more than 50 years. Fort Dearborn is a leading supplier of labels for consumer goods packaging, including customers such as ConAgra and Campbell Soup.
“We are very proud of our Chicago office. They continue to resource opportunities in these challenging times. My hat goes off to all of those involved in this process, and we look forward to more opportunities to work with Wanziang,” said Michael Dermody, Chairman and CEO of Dermody Properties.
DP Partners is a member of Dermody Properties.
About Dermody Properties:
Dermody Properties is a privately held national industrial real estate development company. Founded and headquartered in Reno, Nev., they have regional offices in Portland, Ore., Philadelphia, Penn., and Chicago, Ill., as well as property holdings in Las Vegas, Nev., and Savannah, Ga. Dermody Properties leases/develops approximately 1 million square feet annually, and have a current national portfolio of more than 4 million square feet. Over its 50-year history, the company has developed and leased more than 40 million square feet of high quality industrial/distribution facilities to many Fortune 500 companies. They are consistently ranked among the top 10 developers nationwide. In 1988, they created the Dermody Properties Foundation, which is managed by the employees of the company to provide charitable support to the communities in which they do business.