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Lineage Logistics ("Lineage"), a warehousing and logistics company sponsored by Bay Grove Capital LLC (“Bay Grove”), announced today that it has acquired the real estate and assets of the University Park facility (“UP”) located in the greater Chicago market of University Park, IL. Lineage has managed the operations at the facility on behalf of key customers since May 2009. The acquisition of UP, built in 2004, adds a high quality property in a core logistics market that has strong strategic value for Lineage and its customers. Lineage’s footprint comprises over 13 million square feet and 290 million cubic feet, which represents the second largest refrigerated warehouse network globally based on data from the International Association of Refrigerated Warehouses. Financial terms of the transaction were not disclosed.
Given its strategic location, UP serves as a key distribution facility in the Midwest for national food customers. Encompassing 518,000 square feet, the facility provides a breadth of service offerings including temperature-controlled storage, import / export services, retail distribution, USDA on-site inspection, and transportation services.
“From an operational perspective, owning this property provides long term stability and allows us to further optimize operations for our customers,” said Kevin Marchetti, Managing Director of Bay Grove. “We are excited to add a high quality, well-located building to Lineage’s expanding facility network.”
“Our team’s familiarity with UP’s operations and customers are second to none,” said Bill Hendricksen, CEO of Lineage. “By taking ownership, we are able to invest in the facility to enhance our service for our customers.”