Erik Foster and Mike Wilson of Avison Young’s Chicago Capital Markets Group have been awarded the exclusive sale listing of a 136,395-square-foot portfolio of two industrial buildings in Mokena and Romeoville. The portfolio is owned by Oak Realty Group Inc., an institutional asset advisor and investor.
The portfolio includes an 80,945-square-foot building at 1355 Lakeview Drive in Romeoville and a 55,450-square-foot building at 8901 W. 192nd St. in Mokena. Each building is core quality construction, 100 percent leased and in a strong industrial submarket that is desirous of buyers today.
The Foster and Wilson team have 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.
The Romeoville property is located along Chicago’s I-55 industrial corridor in the southwest suburbs. It was built in 2003 and expanded in 2007. It has 24-foot clear height, four exterior loading docks, one drive-in door and one heavy crane. It also is divisible and has mission critical attributes that make it ideal for certain manufacturing processes. The property has been 100 percent leased since construction.
The Mokena property is a modern facility designed for light industrial uses. Located in the I-80 corridor in the south suburbs, the building has a large amount of office space (30 percent), approximately 16,650 square feet. The property was built in 2002 and features a 22-foot ceiling height, six exterior loading docks and a drive-in door for each tenant suite. The property has averaged 92 percent occupancy since construction.
The portfolio is ideally suited for institutional, regional and private buyers who want to achieve long-term value given the buildings’ prime locations, long lease terms with diverse tenants and solid occupancy history. The buildings also are available for sale individually.
“These two buildings offer the key fundamentals that investors are seeking in today’s market — long-term leases from high credit tenants; a history of strong occupancy and prime locations within stable industrial submarkets,” Foster said. “Given the desire by institutional capital sources to purchase more industrial product, this type of core asset should be in great demand.”