JOINT VENTURE ACQUIRES 111,355-SQUARE-FOOT INDUSTRIAL PARK

ALGONQUIN, ILL. — Baltimore-based Alex. Brown Realty Inc. (ABR), in a joint venture with Chicago-based Sydney Partners LLC, has acquired 545 Algonquin Industrial Park, which is located in Algonquin. ABR Chesapeake Fund III provided an equity commitment of $2.9 million to the venture. The debt and equity capital was arranged by Matthew Shoenfeldt in the Chicago office of Holliday Fenoglio Fowler. At the time of the sale, occupancy at the 111,355-square-foot, single-story property was at 80 percent. This is the third transaction between ABR and Sydney Partners, which are assembling a Midwest portfolio that is expected to have a total investment capacity of approximately $70 million. Prior to the acquisition, the joint venture acquired Kitley Industrial Park, a 365,750-square-foot industrial property in Indianapolis, as well as Merchants Distribution Plaza, a 260,000-square-foot industrial property in Des Moines, Iowa.