Lineage Logistics, a warehousing and logistics company sponsored by Bay Grove Capital LLC, has acquired the real estate and assets of the University Park (UP) facility in the greater Chicago market of University Park IL. Financial terms of the transaction were not disclosed.
Since May 2009, Lineage has managed the operations at the facility on behalf of key customers. The acquisition of UP, built in 2004, adds a quality property in a core logistics market that has strategic value for Lineage and its clients. Lineage’s footprint comprises more than 13 million square feet and 290 million cubic feet. This represents the second-largest refrigerated warehouse network globally based on data from the International Association of Refrigerated Warehouses.
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 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.
Lineage was founded through the combination of leading temperature-controlled warehousing companies, some of whose roots date back to the early 1900s. For more information, visit www.lineagelogistics.com.
San Francisco CA-based Bay Grove is a principal investment firm dedicated to partnering with management teams to invest in and build long-term platform investments. In the past four years, Bay Grove has built Lineage through 10 acquisitions completed in partnership with entrepreneurs, managers and employees. Access www.baygrovecapital.com for further information.