Grubb & Ellis (NYSE: GBE) will be providing property management and leasing for a state-of-the-art 300,000-square-foot freezer/cooler building in the I-55 Distribution Corridor.
The assignment comes after the company’s preferred provider relationship with GearingStone, LLC, a Dallas-based commercial special servicing company, which was awarded the asset management contract.
A partnership between Gearing Capital Partners, Inc. and Minneapolis-based CarVal Investors acquired the asset in May. “The dual contract is a prime example of the synergistic relationship between loan servicing and commercial real estate services firms,” said Alan Gearing, president of GearingStone.
“We are excited to be working on such a high-quality asset with such an experienced team.”
Scot Farber, executive vice president, Investment Services, and Dallas-based regional manager of the company’s Financial Services Asset Management group, manages Grubb & Ellis’ relationship with GearingStone.
“We couldn’t be more pleased with how our partnership with GearingStone has evolved over the past nine months,” Farber said.
“We view it as a perfect example of how the Financial Services Asset Management group can bring all of Grubb & Ellis’ resources to bear for owners and lenders.”
Jim Cummings, associate vice president, Industrial, Jack Cozzie, senior vice president, Industrial, and Frank Melchert, senior associate, Industrial and a member of the company’s Food & Cold Storage practice group, who are based in Grubb & Ellis’ Rosemont office and specialize in properties located in the I-55 Distribution Corridor, will handle the leasing of the asset.
The team will be bringing more than 70,000 square feet of prime freezer and cooler space to market for lease execution. The space is equipped with racking equipment that can accommodate over 8,000 pallet positions.
“The facility is unique in terms of its location situated in the premier food district in Chicago with
wonderful access to I-55 which is the most sought-after thoroughfare,” said Cummings.
“The space is easily divisible for smaller users, if necessary, and the interior configuration provides 60-foot deep refrigerated staging bays for maximum efficiency, which is a huge competitive advantage for users in the marketplace.”
The onsite management team will be lead by Jeff Perpich, senior vice president, Director of Management Services.