Thor Equities Group Completes Sale of Prime Logistics Asset in Chicago
Chicago, IL, Sept. 22, 2023 (GLOBE NEWSWIRE) — Thor Equities Group, a global leader in urban real estate development, leasing and management, today announced the sale of North I-55, a portfolio comprised of two industrial facilities including a 33,000 square-foot truck terminal and an 8.5-acre container storage yard in the South Chicago submarket. Thor sold the asset for $20.2M after acquiring it for $11.25M in 2021.
Ideally located five miles from downtown Chicago, Thor acquired, refurbished, and fully leased the asset to Torpedo Expedited in under one year of ownership. Alongside Chicago’s Interstate-55, one of the city’s primary East/West expressways and under twenty minutes from the center of Chicago, the property offers users immediate access the primary corridor that serves the central United States.
“The sale of North I-55 proves the demand for well-located logistics assets is at an all-time high, and we are pleased to close on this successful transaction. Our conviction in the logistics sector remains strong and we have been diligently enhancing our current assets and adding to our global logistics portfolio,” said Chairman of Thor Equities Group, Joe Sitt.
“I am thrilled with the momentum we are experiencing in our industrial platform and excited about our pipeline. We are expanding into new markets, developing and renovating facilities, and signing leases with some of the most recognized companies across the nation. 2023 has been an especially important year for us and I am looking forward to finishing out Q4 strong,” said Jack J. Sitt, Founder and Managing Director of Thor Logis, an affiliate of Thor Equities Group.
Also in the Chicago area, Thor recently completed construction of an 108,471 square foot, Class A industrial development in the heart of the O’Hare submarket at 1211 Tower Road in Schaumburg, IL. Located thirty minutes from Chicago’s central business district and 15 minutes from O’Hare International Airport, the development is under a half mile from Meacham and the I-90 Interchange and less than two miles from I-290 and the I-90 four-way interchange. For more information on the property that is now ready for occupancy, please contact George Stanchfield at [email protected].
Thor’s most recent activity in the industrial sector includes a set of new leases covering over 34,000 square feet at a portfolio of assets in Tampa, Florida. The firm’s industrial platform includes properties in key markets in Florida, California, Georgia, Texas, New Jersey, Pennsylvania, and Illinois.
ABOUT THOR EQUITIES GROUP:
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
CONTACT: Katie Smith Thor Equities Group 5514867218 [email protected]