Pembroke Commerce Center Sale Tops $30 Million

Chicago Deferred Exchange Co., a company that specializes in 1031 tax exchanges, closed three transactions to acquire the Pembroke Commerce Center, a large Class A industrial complex about half a mile west of Interstate 95 on Pembroke Road and Southwest 40th Avenue.
The company used Prologis-Exchange Pembroke Road & 30th Avenue LLC, an affiliate of San Francisco-based Prologis Inc., to make the $30.26 million acquisition.
The deal gives Prologis control of about 300,000 square feet of warehouse and flex space in three buildings with dock-height loading, automatic fire sprinkler systems and multicarrier fiber optic services.
It sealed the deal with affiliates of the Kelsey Group Inc., a Pembroke Park-based development company with a portfolio of seven industrial centers. Kelsey affiliates Pembroke Commerce Center I Ltd., Pembroke Commerce Center II Ltd. and Pembroke Commerce Center III Ltd. sold the park in three transactions: two for about $10.87 million and one for $8.53 million, according to a deed recorded Thursday.
Public records show Kelsey developed the park between 2001 and 2003.
 
Source:  DBR
 

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