Podolsky Circle CORFAC International announced the sale of Rand Center at 1221-1311 Rand Road in Des Plaines, IL on behalf of Ameritus Real Estate Investment. Rand Center is comprised of four buildings totaling 136,533 square feet of industrial/flex warehouse space.
The Podolsky Circle middle market investment advisory team, comprised of managing principal Alissa Adler, principal John Homsher, CCIM and senior vice president Paul Tesdal, represented the seller, Ameritus Real Estate Investment, in the $6.2 million transaction. Additionally, Podolsky Circle provided debt placement services to the purchaser, Clear Height Properties.
“This was an excellent investment opportunity for the buyer given Rand Center’s desirable location, its flexible unit sizes, stable cash flow, future rent growth and lack of other comparable new construction in the area,” said Adler. “The transaction also allowed our client to focus solely on its office portfolio strategy.”
Rand Center is currently 94.5 percent occupied by 43 tenants ranging in size from 1,306 to 7,879 square feet. The complex is ideally located in the highly-preferred O’Hare industrial submarket and benefits from its proximity to several of Chicagoland’s major roadways. Ameritus Real Estate Investment completed several capital improvements to the complex in 2017 including new exterior lighting, parking lot renovation, directional signage as well as new landscaping.
