WORLD PROPERTY CHANNEL ®

(CHICAGO, IL) - In one of the area's largest fourth-quarter industrial leases, the United States Postal Service has taken 138,000 square feet to expand its space at O'Hare Express Center to 300,000 square feet.

"The location is ideal for the post office due to its proximity to the airport," says Matthew Mulvihil who did the deal with Brian Carroll, both senior vice presidents with Grubb & Ellis' Industrial Group. They represented New York-based landlord KTR Capital.

Matthew Mulvihil

The property, at 513 Express Center Drive, is connected to the airport's southeast end, off Irving Park Road.

"The park is located on a land lease from city of Chicago for O'Hare International Airport, which gives USPS direct access to the airfield without going into public roads," adds Mulvihill.

Brian Carroll

The post office uses the warehouse-distribution facility for mail forwarding, sorting and distribution. Mulvihil says KTR bought the building in 2007 and leased it to USPS on a month-to-month basis until the tenant signed a longer-term lease.  

KTR Capital Partners is a private equity firm established in November 2004 "to continue the highly successful real estate investment activities" of Keystone Property Trust (formerly NYSE: KTR), according to the company's web site.

Since December 1997, the KTR team has completed nearly $3 billion of acquisitions and development. KTR is a recognized industry leader that has attracted investment capital from leading institutional investors for its first fund, Keystone Industrial Fund, LP, a $500 million fund focused on value-add investments in the industrial real estate sector.