JBS Commercial Real Estate, a leading commercial real estate firm, is pleased to announce the sale of a portfolio of 37 industrial and flex properties representing more than 1.4 million square feet that had never been marketed for sale, making it one of the biggest industrial real estate transactions of 2022.
DOWNERS GROVE, Ill., March 6, 2023 /PRNewswire-PRWeb/ -- JBS Commercial Real Estate, a leading commercial real estate firm, is pleased to announce the sale of a portfolio of 37 industrial and flex properties representing more than 1.4 million square feet that had never been marketed for sale, making it one of the biggest industrial real estate transactions of 2022.
JBS negotiated an off-market transaction deal totaling more than $150 million for Rothbart Construction Realty. Thirty-three of the portfolio assets were sold to Clear Height Properties and the remainder to individual parties.
Rothbart Construction Realty was founded in 1976 by Gary and Michael Rothbart, who concentrated on the development and management of industrial and flex properties in the immediate Chicagoland area. As entrepreneurs themselves, Gary and Michael Rothbart took pride in being more than landlords, by building lasting relationships and partnerships with their tenants.
In 2010, Rothbart tapped JBS for brokerage support while working to recover occupancy from the 2008 Great Recession. Within a few years, JBS raised and maintained occupancy from below 70 percent to more than 98 percent. This fruitful partnership created a strong bond of trust between the two parties. In lieu of publicly marketing the portfolio, Rothbart engaged JBS Commercial Real Estate to leverage their network to reach out to a selected group of interested parties. Rothbart placed their trust in JBS to handle the sale in a confidential, private, and targeted manner. Clear Height Properties and their partner Harbert Management Company were determined to be the right buyer. For years, JBS had worked as a broker with Clear Height Properties and its CEO, Dominic Sergi.
"We are thrilled to have been able to facilitate the sale of this outstanding portfolio," said Brian Silverman, partner at JBS. "The Rothbarts have done an excellent job of managing these properties, setting the industry standard for quality. We knew that this was a rare opportunity to sell such an exceptional portfolio."
The sale of the Rothbart portfolio is a testament to the strength and growth of the Chicago market area. The properties' prime locations of industrial and flex space made them attractive to a wide range of buyers.
"We are excited to see the impact that the sale of these properties will have on the Chicago market," said Jason Shibata, partner at JBS. "When you have the rare combination of irreplaceable locations, high asset quality and 98 percent occupancy, there will be strong buyer demand. The quality of the Rothbart portfolio and the professional organization of Clear Height Properties were successful despite the challenges of changes in the capital market during the sale process. It has been an absolute pleasure working with Rothbart Realty and Clear Height Properties, and we look forward to continuing to lease many of these assets on behalf of Clear Height Properties."
About JBS Commercial Real Estate
JBSCRE is a commercial real estate firm located in the Chicago suburbs specializing in the leasing and sales of office and industrial properties. Founded in 2012 by partners Jason Shibata and Brian Silverman, JBSCRE has achieved year-over-year growth, successfully completing more than 1000+ real estate transactions.
Media Contact
Laura McGowan, JBS Commercial Real Estate, 1 6308638709, [email protected]
SOURCE JBS Commercial Real Estate
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