Avison Young negotiated a 61,334-square-foot industrial building sale in Chicago’s Lake County submarket. The building is located at 436 Park Avenue in Lake Villa, Illinois.
Avison Young principal, John Hauser, and associate, Thomas Curtis, who are based in the company’s Rosemont, Illinois office, represented Losch Realty, which was operating its Fred W. Losch Beverage Co. out of the facility until selling the business. The buyer, Xttrium Laboratories, which is based in Mt. Prospect, Illinois, was represented by Kelly Joyce and Brendan Green of Colliers International.
“There is a limited supply of well-maintained, modern industrial buildings in Lake County that are suited for mid-size users,” Hauser said. “This was a unique transaction that provided the buyer with an efficient building in a strong location with a good labor pool and low Lake County taxes.”
According to Avison Young Q4 2019 research, the Lake County industrial market has a 4 percent vacancy rate. The market had 524,694 square feet of net absorption in the fourth quarter and 1.4 million square feet under construction.
Xttrium Laboratories was founded in 1932 and is a family owned and operated healthcare manufacturer and supplier. Constructed in 2003, the Park Avenue building includes 5,256 square feet of office space, four exterior doors and four drive-in doors. The property includes parking for 35 vehicles and for nine 30-foot trucks.