Cushman & Wakefield has announced the sale of 901 Carlow Drive, a 747,152-square-foot class A warehouse/office facility in Bolingbrook. Cushman & Wakefield’s Capital Markets team, led by Executive Director James Carpenter and Senior Director Jason West, exclusively represented the seller, TIAA-CREF, and procured the buyer Heitman.
“This sale validates the robust investor demand we are seeing for quality industrial properties in Chicago’s premier submarkets,” Carpenter said. “Strong investor activity is being driven by a dramatic improvement in year-over-year market fundamentals, a limited supply of developable land and favorable expectations for further acceleration in rental rates.”
Fully leased to Home Depot at the time of sale, 901 Carlow Drive has a history of delivering market leading rental rates since its original two-phased construction in 1999 and 2000. The attractiveness of the facility’s location is reflected in its number of neighboring tenants, including William Wrigley Co., R.R. Donnelly, Kimberly Clark, UPS Logistics, Samsung and Quebecor.
Heitman is a multi-national real estate investment management firm with approximately $25.6 billion in assets under management.
