Three suburban industrial buildings sold
Avison Young announced today that it has negotiated the sale of a 637,746-square-foot, three-building industrial portfolio in the suburban Chicago market.
The three buildings are an average of 98 percent leased. All assets include long-term tenants and are located in submarkets where demand for industrial space is strong.
Avison Young Principals Erik Foster and Mike Wilson, who are both based in the firm's Chicago office and members of the company's National Industrial Capital Markets Group, represented the seller, a Chicago-based institutional pension fund adviser.
The buyer was an institutional fund manager based in New York City. Financial terms were not disclosed.
"This portfolio provides a tremendous opportunity for the new owner to gain access to the strong Chicago suburban market with assets that are well-positioned for long-term growth," comments Foster. "With strong tenants in place and the opportunity for rental growth, this portfolio was in strong demand from a variety of investors."
The buildings include:
• 425-455 E. Algonquin Road, Arlington Heights. This 304,506-square foot building is 96 percent leased and includes 7,605 square feet of office space and 12 interior loading docks. It is close to the four-way interchange at I-90 and Arlington Heights Road.
• 7400 W. 100th Place, Bridgeview. A 157,593-square foot distribution and manufacturing facility, this property offers direct access to I-294 from a four-way interchange at 95th Street. The building houses a five-ton bridge crane, a one-ton bridge crane, and a pair of two-ton monorail cranes. It has 7,592 square feet of office space, two interior truck docks, and two drive-in doors. The building is 100 percent leased.
• 8811 S. 77th Ave., Bridgeview. This 175,647-square foot industrial facility is built on 6.63 acres near I-55 near LaGrange Road and Archer Avenue. The building is eligible for a Class 6B tax incentive. It has 8,200 square feet of office space, 16 interior truck docks and one drive-in door. The building is 100 percent leased.