Colliers‘ Jeff Devine and Steve Disse represented an institutional real estate advisor in the sale of I-88 Logistics Center at 1200 Orchard Gateway in Aurora, Illinois, to an undisclosed financial institution.
Speculatively developed by Opus North Development in 2015, 1200 Orchard Gateway is a distribution facility featuring 604,556 square feet of rentable Class A space with 32-foot clear ceiling height and secure parking for 63 trailers (expandable to 126). Its design allows for multi-tenant divisibility.
It is strategically located at the I-88 and Orchard Road interchange along Chicago’s primary east/west highway and the immediate highway access makes this one of the best, if not the best, locations in this submarket. At the time of sale, the asset was 100% leased to Ryder Logistics on a lease running through 2027.
The I-88 Corridor remains one of the most desirable locations for industrial and logistics users in early 2023 with a vacancy rate under 4% at the end of Q1. Continued strong demand for modern space was reflected in positive net absorption of nearly 300,000 square feet during this period.
