Avison Young has been awarded the exclusive sale listing for a 73,249 square foot industrial flex building at 800-820 Thorndale Avenue in Bensenville, Illinois. Located on just under six acres in the O’Hare submarket, the multi-tenant building is 82 percent leased.
Erik Foster and Mike Wilson, Avison Young principals based in the company’s Chicago office and leaders of the firm’s national industrial capital markets group, are representing Los Angeles-based Xebec Realty Partners in the sale of the property.
“This building is in one of the strongest industrial markets in the country and offers investors the stability of long-term tenancy,” said Foster. “Given the strong demand and low vacancy in the O’Hare submarket, a new owner could quickly add value through additional leasing.”
The O’Hare submarket continues to see strong demand from investors and developers and a shortage of land for new construction. This activity has pushed up land prices, which are hovering around $25 per square foot, according to Avison Young research.
Industrial transactional volume in the Chicago market during the second quarter was recorded at $546 million. Canadian investors continued to pour capital into the marketplace, acquiring $152 million worth of product through the second quarter. Over the past 24 months, the most active buyers of Chicago industrial product were Prologis and Blackstone, acquiring $1.2 billion and $957 million, respectively.
The building’s tenant roster includes in-flight technology company Gogo LLC; pharmacy company PharMerica; security provider MSA Security and point-of-sale retail technology provider Retail Control Solutions. The location offers tenants proximity to O’Hare International Airport, rail and intermodal facilities, as well as multiple interstate highways including I-90, I-290, I-294 and I-88. With diverse multi-tenant rent roll, the property fits the demands of today’s industrial capital market.