Commercial real estate services firm Cushman & Wakefield has completed the sale of a two-building, 374,000-square-foot industrial portfolio in the O’Hare industrial market.
The seller, an investment advisor, was represented by Cushman & Wakefield’s Chicago-based team of James Carpenter and Michael Tenteris, along with Britt Casey, Alfonso Caruana and Chris Lydon of the firm’s Chicago-suburban office. Buyer Prologis was represented in-house.
The two just-sold buildings include the 196,512-square-foot 1141-1161 Ellis Avenue in Bensenville, Illinois, fully leased to nine tenants; and 101 Mark Street in Wood Dale, Illinois, 177,014 square feet and home to four tenants. Both assets provide 24-foot clear ceilings and excellent loading facilities.
“Rents in both properties are below market, so there was a great deal of interest in this portfolio,” said Tenteris. “It was on the market for just three weeks, and we received 16 qualified offers.
“A key factor is that both properties are located in DuPage County, not Cook County, which made them very desirable,” said Tenteris. “Proximity to the airport was also a key factor,” he said, noting access to I-90, I-290 and I-294 as well.
The sale comes in an industrial market where “the fundamentals are still strong,” he said. “Rental rates are on the rise, making this offering a value-add proposition for the longer term. Speculative construction is occurring in the market, but it’s controlled, so there’s no overbuilding.”
Cushman & Wakefield’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2013, globally, this group completed nearly 8,900 industrial real estate transactions totaling 348 million square feet, with an aggregate value of $13.3 billion.
