Colliers International Chicago’s Jeff Devine and Steve Disse represented CA Ventures in the sale of 500 E. Devon Ave. to a fund managed by Goldman Sachs for an undisclosed price.
Completed in 2020, 500 E. Devon Ave. is a 146,029-square-foot distribution center with 32’ clear ceiling height and generous loading accommodations. The multi-tenant, small bay facility provides immediate access to the U.S. interstate network and O’Hare International Airport. It attracts a wide pool of industrial users who, in turn, draw from the broad local labor market.
The building was 71% leased to three tenants at closing. Colliers International will continue to represent the new owner on the remaining 42,000 square feet.
“The building was built to serve the most active tenant size in Chicago’s deepest and tightest industrial submarket,” said Devine. “The asset has experienced strong leasing momentum to date, and we believe the property will continue to benefit from its mission-critical location against a backdrop of unparalleled tenant demand.”
The O’Hare Industrial Submarket remains Chicago’s most in demand location for industrial tenants. New leases and lease expansions eclipsed 1.0 million square feet for the third quarter in a row, totaling 1.3 million square feet among 30 leases between January and March 2021. Strong demand is expected to continue throughout the remainder of the year with available supply the only limiting factor as the vacancy rate remains near an all-time low.