Cushman & Wakefield represented Reich Brothers in its acquisition of a 392,740-square-foot industrial property and adjacent 53 acres in Matteson, Illinois, in Cook County.
Cushman & Wakefield’s Al Caruana and Britt Casey represented White Plains, New York-based Reich Brothers in the acquisition. Caruana, Casey, Sally Macoicz and Matthew Saddler will provide leasing services for the existing property, which is located at 21800 S. Cicero in Matteson.
The cross-dock building is minutes away from Interstate 50, Interstate 80 and the Lincoln Highway (U.S. Highway 30) and is 45 miles southeast of O’Hare International Airport.
Reich Brothers’ acquisition follows its successful redevelopment and lease-up of The Grid at Route 31 in Montgomery, Illinois, in Lake County. The investor acquired the 350-acre former Caterpillar plant in March 2020 and enlisted Cushman & Wakefield’s Caruana and Casey to lease the property, while also working with Cushman & Wakefield’s incentives practice to improve redevelopment’s economic viability. In the ensuing two years, the team leased more than 4 million square feet of industrial, manufacturing and distribution space at The Grid at Route 31.
“Reich Brothers’ acquisition of this existing building and adjacent site is perfectly timed to capture Chicago’s historic demand and leasing momentum,” Caruana said. “What’s more, the property is ideally situated for a number of needs, from light manufacturing to last-mile and broader, regional distribution requirements. Chicago industrial vacancy is around 4.5%, and, while there is significant spec construction, we forecast demand will remain robust.”
