NGKF Capital Markets recently represented both the buyer and seller in the investment sale of 2501 Galvin Drive in Elgin, Illinois, according to the firm.
The 345,000-square-foot, Class A 100% leased industrial facility was developed in a joint venture partnership between Conor Commercial Real Estate, a member of The McShane Companies, and Globe Corporation. The transaction was valued at approximately $29 million and sold for a sub 5% yield. Newmark Grubb Knight Frank was also selected as the property manager for the building.
NGKF Capital Markets executive managing director, Kenneth Szady, said this transaction represents a record yield based on cap rate for the Chicago industrial market, which is further empirical evidence that the Chicago market is stronger than ever.
“The purchase by Zurich signifies one of the best industrial investments in the country,” Krysti Galvin, NGKF Managing Director, added. “A combination of the strong tenancy, quality construction and location within the best master-plan park (Northwest Business Park) combine to make this one of the finest investments available in the U.S. and aligns with Zurich’s portfolio of best-in-class assets.”
