Founders Properties, L.L.C. announced the purchase of two properties as part of the company's Income Fund V, which focuses on stable, core and core+ industrial and office properties throughout the United States. Both acquired properties are located in Illinois and total $24.25 million and approximately 220,735 square feet.
“These properties fit perfectly within our existing portfolio of investments and help solidify the diversified strength of this particular income fund," said Chris Courneya, vice president of investments and acquisitions. “We feel confident that these assets complement our overall investment strategy of diversification across multiple strong growth markets."
The purchases consist of two properties in Illinois. The first, Corporate Woods, is an 82,723-square-foot industrial building located in Vernon Hills, and the second is called Irving Park, an 138,012-square-foot industrial building located in Itasca. Corporate Woods is fully leased and serves as the headquarters of a well-established single tenant who was founded over 30 years ago, and Irving Park is also fully occupied and headquarters to a single tenant that has been in the building since 2008.
“Founders has set a goal to acquire between 5-10 additional assets over the next six to twelve months to complete the fund," continued Courneya. “We're continuing to pursue growth markets and the right blend of assets that will generate a long-term, stable income stream. With these acquisitions we're one step closer to achieving our goal."
In mirroring Founders' foundational investment strategy, these acquisitions are centered on an overall goal of portfolio diversification and stability of industrial and office assets.