Sitex Group has added to its Midwest portfolio. The private equity firm specializing in industrial real estate investments in major U.S. markets recently closed on an 87,219-square-foot warehouse/distribution facility located at 350 South Church St. in Addison, IL. The price was not disclosed.
Originally built in 1995 and subsequently expanded in 2007, the facility features many modern amenities including image precast exterior, 13 exterior docks, 27′ clear ceilings and T-5 lighting. It also offers 1-2,000 amp/480 volt service and 1-1,200 amp/480 volt electrical service – ideal for distributors or manufacturers.
The property’s best feature, however, is its location. With proximity to I-55, I-290 and I-294, it is easily accessible from all directions. Further, it provides excellent visibility from Fullerton Avenue. Taxes are low too – as compared to nearby Cook County.
“There are few existing buildings in all of Northeast DuPage County that feature the modern image and amenities of 350 South Church St.,” said Sitex Principal Cary Goldman. “This is a great opportunity for us to grow our portfolio with one of kind product.”
Addison is a mature market with inventory that dates to the 1970’s and 80’s. With no available land for new construction and a vacancy rate hovering near 5%, Sitex anticipates buildings like the one at 350 South Church St. will see rent and value growth over the next several years as modern functionality continues to drive tenant demand. NAI Hiffman’s Kelly Disser and Dan Leahy represented the seller, Standfast Group, in the sale. Standfast will leaseback the facility for three months before moving to a new, 378,443-square-foot building in Carol Stream, IL.
