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“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
MONTGOMERY, IL—Reich Brothers, which is headquartered in White Plains, and partner HFZ Capital Group of New York City, have purchased the four-million-square-foot Caterpillar manufacturing and distribution complex here for $68.5 million.
The deal for the 350-acre campus also features a sale-leaseback component with Deerfield, IL-based Caterpillar Inc. The construction equipment manufacturer plans to keep approximately 500 of the company’s employees on site and will lease back an office building along with a portion of adjacent industrial space.
HFZ and Reich Brothers states that work around the campus will begin immediately with the goal of creating a more business park like setting and multi tenancy for the former single-user campus. The property features large concrete pads, heavy utility infrastructure, an on-site Co-Gen facility, redundant ComEd power, a 300,000-gallon water tower, as well as significant on-site trailer and car parking.
The acquisition of the campus is a major addition to HFZ-Reich’s national portfolio which now encompasses more than 10 million square feet of industrial properties, including distribution,
manufacturing, warehouse and flex office space. A number of the sites include additional land and development rights. Launched over a year ago, the portfolio includes two significant campuses in Wisconsin: the former Heinz Kraft-owned Oscar Mayer plant, located in the heart of Madison, and the former Caterpillar Global Mining campus in Milwaukee.
HFZ-Reich also has sizeable industrial acquisitions in Nashville, Buffalo, Columbus, Ocala and Orlando among many others across the United States. The partnership stated it plans to continue adding industrial properties to its growing portfolio over the coming months.
The Chicago-based Cushman & Wakefield team of Al Caruana, senior director; Michael Magliano, managing director; Britt Casey, vice chairman; and David Friedland, executive director; have been retained by Reich Brothers in leasing the property to new tenants or selling pieces of it to investors and/or owner-occupiers.
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
Most of the counties in the HGAR market area are considered “high-cost areas” by the FHFA.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
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