NAI Hiffman Brokers Preferred Freezer-KTR Build-To-Suit
Chicago, IL (February 27, 2008) – KTR Capital Partners (“KTR”), a New York based real estate private equity fund manager and operating company, has leased a 175,000 square foot build-to-suit warehouse to Preferred Freezer Services on the excess land associated with its recent investment acquisition of the former Dominick’s distribution facility on West Ann Lurie Place. The LEED Certified, freezer/cooler facility will be located on the adjacent 9.8-acre parcel with I-55 frontage and will be rail served with a 60-foot clear ceiling height, 18 dock doors, and 30 trailer parking spaces.
The new state-of-the-art facility will be the first of its kind in Chicago, integrating a high bay temperature controlled environment with fully automated racking technology. The building has been designed to comply with guidelines established by the United States Green Building Council (USGBC) for LEED Certification. Ware Malcomb is the project architect and Keeley Construction has been retained as the general contractor.
Lawrence R. Much, SIOR, Stephen J. Connolly and Irv Malik, all with NAI Hiffman’s Industrial Services Group, represented KTR. “We sought Preferred Freezer as an ideal prospective tenant,” said Much. “With their need to expand immediately into a new LEED certified building, we felt it was a perfect match for KTR and the excess land they were positioning for future development.”
NAI Hiffman continues to market the adjacent 311,000 square foot former Dominick’s distribution center. KTR recently completed a renovation of this building including a new TPO roof, 72 new dock doors, new T-5 lighting and an upgrade of the building’s HVAC systems.
Brian Milberg, Senior Vice President with KTR, expressed appreciation to the City of Chicago, citing, “This expansion of Preferred’s presence in the market will create new jobs for the City of Chicago. The City was very helpful in accelerating the permitting process so that we will be able to deliver the building in time to meet Preferred’s goal to be fully operational by September.”
Brad Stitchberry head of Asset Management for KTR in Chicago, noted; “The project is consistent with our original development plans for the site and we are excited to complete the deal, especially in light of the overall challenging business environment.”
More about KTR Capital Partners: www.ktrcapital.com
More about Preferred Freezer Services: www.preferredfreezer.com