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JLL is pleased to offer for sale the Tech-24 Two-Property Sale-Leaseback Portfolio (“Portfolio” or “Properties”). The Portfolio consists of two mission-critical industrial/flex assets totaling 44,248 SF. At closing, the Portfolio will be 100% absolute triple-net leased to Tech-24 (the “Tenant”), a leading provider of recurring maintenance and repair services primarily for hot-side and cold-side foodservice equipment, for an initial term of 15 years. The Tenant was acquired in June 2020 by HCI Equity Partners (“HCI”), a leading middle market private equity investment firm with 18 active portfolio companies and a focus on partnering with family and founder owned manufacturing, service, and distribution companies.
The Portfolio was acquired through the acquisitions of Alliance Mechanical Systems (Bensenville, IL) and Eichenauer Services (Decatur, IL) as part of the HCI’s plan to significantly scale the business through acquisition. HCI has executed four add-on acquisitions (including Alliance and Eichenauer) since making the its initial investment and plans to execute two to four acquisitions per year moving forward.
- Long-term absolute net leased for 15-years with no landlord responsibility
- Attractive annual rent escalations of 2.00%
- Rapidly growing tenant in highly fragmented industry
- Strategic, diversified Illinois locations
- Strong real estate fundamentals. 65% of NOI in Chicago MSA
- Experienced private equity sponsorship (HCI Equity)