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Prologis and ML Realty Buy Out Bensenville Homeowners


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ML Realty Partners founder Michael Luecht, Prologis CEO Hamid Moghadam and Mohawk Terrace. (Google Maps, ML Realty, Prologis)
Demand for industrial real estate is so strong in suburban Chicago that firms are buying out homeowners in order to assemble enough property to build warehouses.
The latest example is in Bensenville, where industrial investors ML Realty Partners and Prologis spent $64 million to purchase more than 100 homes that will be cleared for two complexes, Crain’s reported.
Located in the O’Hare submarket, the homes comprise the Mohawk Terrace subdivision. In some cases owners received triple what they paid for their properties; one home that was bought for $240,000 sold to the developers for $700,000, according to the report. One seller called it “the opportunity of a lifetime.” ....

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