CROSSLAKE PARTNERS BUYS INDUSTRIAL PORTFOLIO FOR $29.2M

GRAND RAPIDS, MICH. AND SOUTH BEND, IND.— CrossLake Partners has acquired a seven-building, 1.5 million-square-foot industrial portfolio located in the Grand Rapids, Mich., and South Bend, Ind., markets for $29.2 million. CenterPoint Properties was the seller. CrossLake Partners is a joint venture between principals within Colliers International’s Chicago offices and a Chicago-based real estate investment firm. KeyBank provided the acquisition and lease-up financing in this transaction. The properties, which are 75 percent leased, have 23 tenants including Wacker Neuson (150,000 square feet), Tubelight (123,000 square feet) and PIPP Mobile Storage (116,000 square feet). Michigan buildings in the portfolio include: 3056 Walker Ridge Drive (335,125 square feet), 2966 Wilson Drive (200,188 square feet) and 3111 Wilson Drive (107,000 square feet) in Walker; 1269 E. Mt. Garfield Road (275,000 square feet) in North Shores; and 1100 Hynes Ave. (215,050 square feet) and 900 Hynes Ave. (190,429 square feet) in Grand Rapids. The South Bend industrial property is located at 1827 Bendix Drive and spans 199,730 square feet.