Colliers International | Chicago has brokered the sale of an 8.28-acre site located at 550 Devon Avenue in Elk Grove Village, Illinois. Colliers’ Tom Rodeno and Jonathon Kohn represented the seller, Terry Bolger, as well as the buyer, CA Ventures, in the transaction. The deal marks CA Ventures’ first foray into the Chicago industrial real estate market.
The acquired site includes a 20,000-square-foot retail building that the company intends to reduce in size and modernize. Plans also call for the construction of a speculative 142,000-square-foot industrial building on the remainder of the land.
Located in the much sought-after O’Hare Industrial submarket on the corner of Devon Avenue and Tonne Road, the land is within a quarter-mile of a new four-way interchange at I-390 and Wood Dale Road and provides easy access to O’Hare International Airport. It enjoys the benefit of retail-like exposure which should attract a wide array of tenants including destination retail, data centers, corporate headquarters as well as the traditional air freight, last mile and general distribution users.
“With the proliferation of e-commerce and the impact it has had on distribution, the O’Hare submarket remains one of the hottest in Chicagoland and continues to see historically low vacancy rates,”said Rodeno, a principal with Colliers | Chicago.
