Colliers‘ Jeff Devine, Steve Disse and Tyler Ziebel represented Ares Industrial Management in the sale of three Chicago area industrial buildings totaling 541,283 square feet to Venture One.
The properties are located in three distinct locations at 277 Alft Court, Elgin (246,446 square feet), 1881 Normantown Road, Romeoville (226,102 square feet) and 351-355 Hastings St. in Buffalo Grove, Illinois (68,735 square feet). The institutional quality assets were all 100% leased at lease rates notably below the current market.
“These were high quality assets in proven locations which offered potential buyers diversity in both product type and submarkets. Many investors viewed this as an opportunity to improve overall portfolio metrics with high quality and well-located buildings,” said Devine, a vice chairman and principal with Colliers’ Chicago office.
