Colliers’ Jeff Devine and Steve Disse represented Stockbridge in the sale of a portfolio of industrial buildings located on approximately 47 acres of land adjacent to Chicago’s O’Hare International Airport.
The Infill O’Hare Multi-Tenant Portfolio consisted of twenty-one buildings totaling 757,557 square feet. At the time of sale, the buildings were 97% occupied by 107 tenants ranging in size from 2,700 square feet to 21,500 square feet. The portfolio was marketed as an opportunity to continue to harvest a dependable income stream or as a rare redevelopment opportunity in one of the tightest industrial markets in the U.S.
According to Colliers’ third quarter Industrial Market Report, the O’Hare submarket is among the leading industrial areas within the Chicago market with a current vacancy rate of only 1.68%. With a scarcity of land available, there are currently eight buildings under construction in the O’Hare submarket which will deliver in the next 18 months. These projects are nearly 90% leased, further demonstrating the unrelenting demand for quality industrial product in this area.