Brown Commercial Group negotiated the sale of a 21,400-square-foot industrial building in Chicago’s O’Hare submarket, a top performing submarket that has consistently drawn strong investment and leasing activity.
Partner Trinity Scurto represented OTO Investment Properties LLC in the sale of 605 Bonnie Lane in Elk Grove Village, Illinois, to Clear Height Properties, an investor that plans to renovate the vacant building and secure new tenants. The single-tenant building includes 2,000 square feet of office space, two dock-high doors, one drive-in door and parking for 25 vehicles. The building is located three blocks from the intersection of Busse and Higgins Roads.
Ross Lehrman, Joe Karmin and Justin Lerner of Transwestern represented Clear Height Properties.
The O’Hare submarket has a super low, 2.9% vacancy rate and recorded 8.4% rent growth over the past 12 months, reaching $10.40 per square foot, according to CoStar research. The airport is a major draw for industrial tenants given its ranking as the busiest airport in North America for cargo traffic. Also, freight traffic increased more than 9 percent from Q4 2021 to Q4 2022 despite supply chain challenges and inflationary pressures that have impacted trade across the country.
