GFH Partners agrees to sell US logistics facility for $151M

Logo of GFH

GFH Partners Limited, the global real estate investment arm of GFH Bank together with GFH Partners Fund Management, announced today the successful exit from a two-million-square-foot regional distribution facility and an adjacent land parcel in Wilmington, Illinois, through the sale of the property for $151 million to Michelin North America, the facility's long-term tenant.

The transaction was completed in partnership with Silver Creek Development.

GFH Partners acquired the property in February 2021 in partnership with Silver Creek Development.

During the investment period, the partners implemented several initiatives, including expanding trailer parking capacity and securing an early extension of Michelin's lease beyond its previous expiration date in November 2027.

The sale closed on Oct. 6, 2026, marking GFH Partners' fourth exit from its US industrial and logistics portfolio.

The company said the transaction generated returns for investors in line with the fund's investment objectives.

According to data compiled by Argaam, GFH announced the acquisition of a distribution center in Chicago for $135 million in February 2021.

The facility has a 100% occupancy rate and is one of only two major regional distribution centers used by Michelin in the US, handling a significant portion of the company's inventory imported into the US market.

The property is located approximately 60 miles southwest of downtown Chicago on a 91-acre site.