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.