SL Industrial Partners, part of The Silverman Group, has acquired a 17-building portfolio totaling 925,391 square feet of industrial flex space across three business parks in the Chicago area.

The portfolio was sold by an institutional owner, with Cushman & Wakefield representing the seller. The transaction was facilitated by the firm’s Vice Chairs Mike Tenteris, Adam Tyler, and Jim Carpenter.

Each business park will be rebranded under the SL Business Center name, including SL Business Center at Buffalo Grove, an eight-building complex with 406,406 square feet of industrial flex space. The portfolio also includes SL Business Center at Vernon Hills, a five-building complex with 281,340 square feet of space, and SL Business Center at Elgin, a four-building complex comprising 237,645 square feet of space.

The acquisition nearly doubles SL Industrial Partners’ presence in the Chicago market, growing its portfolio from 800,000 square feet to just under 2 million square feet. “Smaller flex space has proven to be a critical asset for businesses looking for highly functional and well-located industrial facilities,” said Blake Silverman, President of The Silverman Group.

Developer Merritt Properties has announced plans to build a 452,500-square-foot speculative light industrial business park in Wake Forest, NC.

Located along Ligon Mill Road, the Merritt Capital Business Park will be developed on a 74-acre tract of land and will consist of up to seven buildings ranging from 30,000 to 85,000 square feet. Each will offer 18 to 24-foot clear heights, rear-loaded docks and drive-in capabilities, and free surface parking. Site plans are still being finalized.

Pre-leasing is underway and delivery expected to occur during the second quarter of 2021. Construction will be managed by Merritt Construction Services, the construction division of Merritt Companies. Cushman & Wakefield has been tapped as the leasing partner for Merritt Capital Business Park. The team will be led by Larry Lakins, Hunter Willard and Andrew Young.

Kennemur & Associates Real Estate represented the undisclosed seller in the transaction.

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