A Morgan Stanley investment fund paid more than $40 million for an eight-building, 340,000-square-foot industrial portfolio near O’Hare International Airport.
A fund advised by the New York-based investment bank bought the properties from their developer, Elk Grove Village-based Gullo International Development Corp., according to Newmark Grubb Knight Frank, the brokerage that handled the sale. The fund paid $40.6 million for seven of the buildings, county records show; documents for the eighth were not yet available Monday morning.
Known for their modern design, the Gullo buildings, all in Elk Grove Village, are exceptions in the O’Hare submarket, says Brian Roach, a regional vice-president with Denver-based DCT Industrial Trust Inc.
