Michelin Buys Wilmington Distribution Center for $151M

Silver Creek Development has sold a 2-million-square-foot industrial facility and an adjacent land parcel to Michelin North America for $151 million.

Located at 29900 S. Graaskamp Blvd. in Wilmington, about 60 miles southwest of downtown Chicago, the regional distribution property sits on a 91-acre site and is fully occupied by Michelin North America. The company uses the property to house inventory serving dealers and automakers throughout the Midwest and the western United States.

Silver Creek acquired the property from Transwestern Development Company in 2021 for $126 million. Pacific Life Insurance Company provided $81.9 million in financing for Silver Creek’s original acquisition. The building was originally constructed in 2015 as a build-to-suit for Michelin and later expanded in 2016. Michelin North America fully occupies the facility, which handles 35% of its imported inventory. The warehouse includes a 32-foot clear height, 126 dock-high doors, four drive-in doors and trailer parking.

The post Michelin Buys Wilmington Distribution Center for $151M appeared first on Connect CRE.