Colliers closed the sale of Woodridge Commerce Center, an institutional quality, three-building industrial complex at 10204, 10210, 10216 Werch Ave. on the eastern edge of Chicago’s I-55 Corridor in Woodridge, Illinois.
Jeff Devine, Steve Disse and Tyler Ziebel represented the seller, Unilev Capital and an affiliate of Palladius Capital Management, in the transaction. The buyer was a Chicago-area private LLC.
Built in 2006, the three Class-A buildings sit on 12 acres in the center of International Centre Business Park. They feature 18’ to 20’ clear ceiling heights, a mix of private and shared loading, and parking for 447 cars. The site is at the I-355/I-55 interchange which provides immediate highway access to the U.S. interstate network and makes for efficient distribution across the country.
Unilev’s Investment team is run by Konowitch, Peter Berges and Raymond Levy.
Woodridge Commerce Center is 96% leased to 22 tenants. The weighted average lease term is nearly three years with in-place rents that average 15 to 20% below current market rates. Demand for shallow bay industrial product continues to increase given the limited supply of comparable product in the region. The vacancy rate for space under 20,000 square feet in the I-55 corridor is 1.35%.
Colliers arranged the property’s sale to Unilev in 2021.