News Article | 10/8/2014

Northern Builders sells industrial buildings for nearly $91 million

Crain’s Chicago Business: Northern Builders Inc. has sold six suburban industrial buildings for nearly $91 million, picking an opportune time to cash out on properties the company developed and held for years. Schiller Park-based Northern sold the nearly 1.4 million-square-foot portfolio to a venture of Dallas-based Hillwood Development Co. for $90.9 million, or about $66 per square foot, Northern Chief Financial Officer Tom Kenrich said. The sale is yet another indicator of how buyers have swept into the Chicago industrial market, betting on rent growth as vacancies have dropped to pre-crash levels amid the economic recovery. See full story.