Three industrial buildings sold in Elk Grove Village
Avison Young said Monday that it completed the sale of a 538,236-square-foot, 3-building industrial portfolio in Elk Grove Village near O'Hare International Airport.
The buildings at 1900-2020 Pratt Boulevard are 100 percent leased on a long-term basis. The tenants, Clear Lam and D&W Fine Pack, are national food industry businesses with specialized needs for the buildings they occupy. LBA Realty, an Irvine, California-based investment firm, was the buyer. Financial terms were not disclosed.
Avison Young Principals Erik Foster and Mike Wilson, both based in the company's Rosemont office and members of the firm's National Industrial Capital Markets Group, represented the owner, Mirvac, a Sydney, Australia-based integrated real estate company. The three single tenant buildings are part of a 24-acre portfolio.
"The Chicago industrial market continues to be a top performer, drawing investors because of its strong location and the depth of its supply chain capabilities," Foster said. "With long-term corporate tenancy in place, the new owner can expect solid performance from this portfolio for years to come."
The portfolio is located just off the west entrance of O'Hare International Airport, a premier location for distribution. The portfolio includes three properties: 1900 Pratt Blvd, a 111,338-square-foot building, 1950 Pratt Blvd., a 165,212-square-foot building, and 2000-2020 Pratt Blvd., a 261,686-square-foot building.
Clear Lam, which leases the 1950 Pratt Blvd. and 2000-2020 Pratt Blvd. buildings, is a privately held plastic packaging firm headquartered at 2020 Pratt Blvd. The company develops and manufactures packaging materials utilized by detergents, food, personal health products, and electronic businesses. Among its customers are: Mars, Fisher Nuts, Burger King, Wendy's and McDonald's.
D&W Fine Pack, which leases the 1900 Pratt Blvd. building, specializes in developing, manufacturing and marketing packaging products specifically for the food industry. D&W Fine Pack services a variety of customers including Sam's Club, Costco, Walmart and several other big retailers.
The O'Hare submarket is home to the O'Hare International Airport, the busiest landing field in the world and at the convergence of multiple highway and rail systems.