Avison Young has negotiated the sale of a 637,746-square-foot, three-building industrial portfolio in the suburban Chicago market. The three buildings are an average of 98 percent leased, include long-term tenants and are located in submarkets where demand is high for industrial space.
Avison Young principals Erik Foster and Mike Wilson, who are both based in the firm’s Chicago office and members of the company’s national industrial capital markets group, represented the seller, a Chicago-based institutional pension fund advisor. The buyer was an institutional fund manager based in New York City. Financial terms of the deal were not disclosed.
“This portfolio provides a tremendous opportunity for the new owner to gain access to the strong Chicago suburban market with assets that are well-positioned for long-term growth,” said Foster. “With strong tenants in place and the opportunity for rental growth, this portfolio was in strong demand from a variety of investors.”
Included in the portfolio is 425-455 E. Algonquin Road, Arlington Heights, IL. This 304,506 square-foot building is 96 percent leased and includes 7,605 square feet of office space and 12 interior loading docks. It is close to the four-way interchange at I-90 and Arlington Heights Road.
Two Bridgeview, IL properties were also part of the deal, both 100 percent leased. One, at 7400 W. 100th Place, is a 157,593 square-foot distribution and manufacturing facility with direct access to I-294. The building houses a five-ton bridge crane, a one-ton bridge crane and a pair of two-ton monorail cranes. It has 7,592 square feet of office space, two interior truck docks and two drive-in doors.
The other Bridgeview location at 8811 S. 77th Avenue is a 175,647-sf industrial facility built on 6.63 acres accessible to I-55 near LaGrange Road and Archer Avenue. The building is eligible for a Class 6B tax incentive. It has 8,200 square feet of office space, 16 interior truck docks and one drive-in door.