Colliers Principals Jeff Devine and Steve Disse represented a joint venture between Opus Development and Principal Asset Management in the sale of Tollway Corporate Center in Aurora, Illinois.
The sale involved two recently completed logistics facilities which were sold in separate transactions. 310 Overland Drive is a 543,638-square-foot, 36-foot clear, cross-docked facility that is leased to Ryder Integrated Logistics. The building was sold to a large financial institution. 300 Overland Drive is a 104,978-square-foot facility that is fully leased to two tenants. The building was sold to The Brimel LLC as part of a 1031 tax-deferred exchange.
The buildings, which are adjacent to each other in a park-like setting, are located just off of a full interchange and along Chicago’s main East-West Highway I-88.
Demand for modern industrial space in the I-88 corridor remained strong through third quarter 2023. This was reflected in the vacancy rate falling by four basis points to 4.7% at the end of Q3. There are only four speculative construction projects totaling 920,000 square feet currently under construction in this submarket. The largest of these projects is a 408,195-square-foot spec facility being built on the last site in the Tollway Corporate Center. With no supply in the foreseeable future beyond these projects, the market is expected to further tighten over the next year.
