A joint venture partnership between Oak Brook-based real estate investor Clear Height Properties and Harbert US Real Estate, an investment strategy sponsored by Harbert Management Corporation (HMC), has purchased a 56,741 square-foot industrial building located at 11058 Addison Street in Franklin Park, Illinois.
Located in the O’Hare submarket, the roughly 50% leased two-tenant building boasts 20-foot clear space, five docks, two drive-in doors, and is minutes from I-90/I-294.
Ed Lowenbaum of Cresa represented the seller.
“We’re excited about 11058 Addison because of its accessibility, functionality, and location in O’Hare,” said Ryan Maher, director of acquisitions, Clear Height Properties. “With the seller leasing back their suite, we have a known vacancy of 25,688 SF approaching. We believe that the attributes of the property along with current market demand will allow us to lease the space quickly.”
The Clear Height/HMC portfolio includes 21 assets and approximately 1.5 million square feet.