Brown Commercial Group President Dan Brown negotiated two industrial building sales totaling 54,128 square feet in Chicago’s Kane County submarket. Brown represented a private investor in selling a 38,128-square-foot building at 1700-1730 Todd Farm Drive in Elgin, IL for $3.25 million.
The four unit building is fully leased and had been recently updated. The buyer was a private investor who bought the building in 2018 for $2.85 million in a transaction that was also negotiated by Brown.
“We continue to see strong demand for well-located industrial buildings that can support Chicago’s expanding businesses,” said Brown. “Given the robust demand for industrial space and low inventory in the Chicago market, many investors are seeing strong price appreciation.”
Brown also represented a private investment group in selling a 16,000-square-foot industrial building at 275 Sola Drive in Gilberts, IL. The property has five acres of fenced, outdoor storage, which is a coveted feature in today’s industrial market. Brown secured a 10-year lease in the building with MacCarb, an industrial gas supplier to the food and beverage and other industries. The tenant is expanding and combining warehouse and office facilities from other locations. The outdoor storage will be used for the company’s tanker trucks.
According to CoStar research from December 2021, the Central Kane/DuPage county industrial submarket had 7.1% rental rate growth over the previous 12 months, ranking 16th overall in the Chicago market for rent growth. The vacancy rate is 3.2% and the submarket had 2.5 million square feet of absorption over the past 12 months.
