Avison Young‘s National Industrial Capital Markets Team led by Principals Erik Foster and Mike Wilson, along with Principal John Moysey, an industrial specialist, have sold a FedEx distribution center at 1121 Northpoint Boulevard in Waukegan, IL. The team represented the seller, a private fund manager. Financial details were not disclosed.
The property, located in Chicago’s northern suburbs, was an original build-to-suit for FedEx, which recently extended its lease for full-occupancy of the building on a long term basis. FedEx is the world’s largest express transportation company, providing services for more than 3.6 million shipments each business day.
“FedEx continues to dominate the express shipping market and has made a serious commitment to Chicago, maintaining 17 freight terminals here,” said Foster, Principal of Avison Young and the Practice Leader of the firm’s Industrial Capital Markets Group. “These types of well-located distribution centers with high quality tenants and long term leases will continue to command strong attention from investors.”
Located in Waukegan’s Northpoint Business Park, the building features 18-foot clear ceiling heights and parking for 108 cars. The building also has one dock high door, 10 drive-in doors, including two truck repair bays. It was built in 1995 and is used for FedEx office, warehouse and maintenance functions.
The 35,000-square-foot, pre-cast concrete building is located on 4.45 acres in Lake County, an attractive industrial market for many large corporations, given its access to I-94 and the 3-way interchange of Skokie Highway (Route 41), Waukegan Road, and Route 120. These major thoroughfares accommodate FedEx’s Ground and Express services, which must allow for customer drop-off services along with outbound and inbound distribution.