Meritex Developments Inc. sold a 444,740-square-foot industrial facility and 116 acres of land in Matteson, Ill., and then leased back a portion of the building for three years.
The value of the transaction was not disclosed.
TTR Matteson LLC, a private investment group, purchased the building, which is located at 21800 S. Cicero Ave. The property, built in 1971, is a multitenant warehouse facility that features 24-foot clear ceiling heights, 43 exterior docs, and two drive-in doors. The facility is served by the Elgin, Joliet, and Eastern Railway Co.
“Meritex opted to sell the facility as part of a revised investment strategy to reinvest in smaller multitenant industrial properties”, said Daniel Williams, chief investment officer for Meritex.