Skip to content
Homepage
  • Market
    • Illinois
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications
IllinoisIndustrial

Colliers brokers sale of industrial property in O’Hare submarket

May 14, 2021
Share on Facebook Share on Twitter Share on LinkedIn Share via email

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. 

Tags
CA VenturesColliers InternationalColliers International Chicago
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IndianaCRE

Indianapolis’ Bradley Company names new president, CEO

January 26, 2023
OhioLegal

Hahn Loeser & Parks names new partner in Cleveland office

January 26, 2023
MissouriCRE

Lee & Associates opens new office in Kansas City

January 26, 2023
MichiganCRE

In a challenging economic environment? Economic Development Corporations are key partners

Dan RafterJanuary 26, 2023

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise
© 2023 REjournals.com