A 51,700-square-foot industrial building sold at 1425-1455 Tonne Road in Elk Grove Village, Illinois. John Joyce, CCIM and Danny Vanecko of SVN | Chicago Industrial represented the purchaser. The asset sold for $3,043,000 or $58.85 PSF with an 8.84% CAP rate. SVN | Chicago Industrial’s private client has engaged its services to transition from one asset class to another while building a portfolio of industrial properties.
“After the closing, our client commended us for assembling a due diligence team of practitioners to provide a seamless transaction,” shared John Joyce, CCIM of the transaction.
The asset is located in the highly sought-after O’Hare Industrial submarket. This submarket is expected to see a continued strong demand due to its desirable infill location with close proximity to O’Hare International airport and major highways as well as its access to a strong labor pool.