Cushman & Wakefield has orchestrated the sale of Southfield Business Center, a 442,484-square-foot Class A industrial building at 3500 Corporate Drive in Joliet.
The firm’s Capital Markets team of James Carpenter and Michael Tenteris in Chicago and industrial specialists Jason West and Sean Henrick in the Chicago suburban office represented the institutional seller. The buyer, Jones Lang LaSalle Income Property Trust Inc., is a non-listed REIT managed by LaSalle Investment Management Inc.
“This core offering attracted a great deal of interest,” Tenteris said. “We had a deep pool of aggressive bidders, demonstrating that there is plenty of liquidity in the I-80 submarket for high quality assets.”
Situated within the I-80 corridor at the intersection with I-55, 40 miles southwest of Chicago, Southfield Business Center is fully leased to Homax Products and Johnstone Supply Inc. The facility, which was constructed in 2005 and recently underwent tenant and base building improvements, features 30-foot ceiling heights. It includes 12,500 square feet of office space, and the 20.56-acre site offers the opportunity for future parking expansion.
“There continues to be heavy interest in this market’s best-quality industrial assets,” Tenteris said. “While we are seeing Class B properties coming on the market, there is not a lot of Class A product becoming available. When a Class A asset like Southfield Business Center is offered, there is no shortage of buyers.”
