Erik Foster and Mike Wilson of Avison Young’s Chicago Capital Markets Group have been awarded the exclusive sale listing of The Corporate Plaza of Elmhurst, 501 Lake St., Elmhurst. The property includes two single story buildings totaling approximately 90,000 square feet. The asset is currently owned in a joint venture between Blue Vista Capital Partners and Bridge Development.
Blue Vista is an institutional fund advisor for real estate capital throughout the U.S. and headquartered in Chicago. Bridge Development is an industrial developer based in Chicago with offices in Chicago and Miami; Bridge has recently partnered with Hillwood Brookfield Industrial Partners in order to complete numerous developments.
The Foster and Wilson team has 30 years of combined experience in investment sales, providing asset advisory, disposition and sale-leaseback services to commercial property owners in Chicago and throughout the country. The team has completed transactions totaling more than $4 billion. Both are principals of the firm; Foster also is the practice leader for the Industrial Capital Markets Group.
This asset was constructed in 1986 and is fully leased and has a long history of better than market average occupancy given the buildings’ location and nearby demographics. It is located on a 6.98-acre parcel of land in eastern DuPage County. The building’s tenants are able to take advantage of the assets’ functionality and 16-foot high ceilings, which accommodate various space plans. It is located along major transportation routes that allow easy access to O’Hare International Airport and regional transportation corridors.
