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Scannell Properties sells FedEx distribution center in Niles, Illinois

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Scannell Properties sells FedEx distribution center in Niles, Illinois

Real estate developer Scannell Development Co., or Scannell Properties, sold a 306,000-square-foot FedEx Corp. distribution center in Niles, Ill., to Niles Property Holding Co. LLC, The Real Deal reported.

Niles Property acquired the 34-acre property at 5959 W. Howard St. for $84.3 million, the report noted, citing Cook County property records. Morgan Stanley provided the buyer with a $46.5 million acquisition loan.

Niles Property is affiliated with Global Securitization Services LLC, a New York-based special-purpose entities administrator, which potentially represents the true buyer.

Scannell and Global Securitization representatives did not immediately respond to the publication's requests for comment.