June 20, 2019
Saudi Arabia-based SEDCO Capital recently acquired a FedEx Ground-leased distribution facility in the Chicago suburb of Niles, IL for an undisclosed sum. The 306,448-square-foot facility at 5959 W. Howard St. was purchased via a separate account managed by ElmTree Funds.
“We are very pleased with the outcome of this transaction, and are excited about the long-term prospects for this asset,” said Sherif Selim, managing director at SEDCO. “We like northeast Cook County, one of the most stable and established logistics submarkets in the Chicago area with excellent connectivity to Chicago CBD and the airport.”
The facility was constructed in 2015 as a build-to-suit for FedEx Ground. “The high quality nature of this asset, together with its ideal location and remaining lease term with a blue-chip tenant, made it a very attractive investment opportunity,” said Jim Koman, CEO of ElmTree Funds.
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