Colliers International | Chicago’s Jeff Devine and Steve Disse have arranged the sale of two investment properties totaling more than 510,000 square feet. A distribution facility was sold in West Chicago, Illinois and an office asset was sold in Woodridge, Illinois.
Devine and Disse represented a large institutional owner in the sale of 1717 W. Harvester Road, a 465,940-square-foot industrial facility in West Chicago. Boston-based Plymouth Industrial REIT purchased the building for an undisclosed price. The distribution facility is located on 30 acres, features 25-foot clear height, 145 car parking stalls, 23 loading docks, four drive-in doors and is rail served. The building is 100 percent leased to two tenants.
“Pricing of Class A properties in the Chicago area has pushed both investors and tenants to consider the value proposition of pursuing functional, second-generation assets such as the Harvester building,” said Devine. “We’re seeing more investors and tenants attracted to this area who previously would have overlooked it.”
The pair also represented Peerless of America in the sale of 7325 Janes Avenue in Woodridge to the Missner Group. The asset is a 44,096-square-foot, single-story office property that has served as the long-time headquarters for civil engineering/contracting firm V3 Companies. The building was renovated in 2018 for V3 and they continue to occupy the building on a long-term lease.
