Duke Realty Corp. has expanded its Chicago and nationwide industrial portfolio with the acquisition of a 257,542-square-foot industrial building at 940 N. Enterprise St. in Aurora. Brighton Best International Inc., a distributor of fasteners, screws and bolts, has signed a long-term lease for the entire building and will relocate its operations to this facility later this year. The acquisition is the fifth industrial purchase that Duke Realty has made in Chicago since September 2011, raising its total industrial portfolio in the market to nearly 11 million square feet and more than 109 million square feet nationwide.
“The acquisition of 940 N. Enterprise is an excellent addition to Duke Realty’s portfolio for two reasons. First, it enables us to meet a valued tenant’s requirement for increased space under one roof in the I-88 submarket,” said Steve Schnur, senior vice president of Duke Realty’s Chicago operations. “Second, this property meets our criteria for the type of industrial buildings we want to own as we execute on our strategy of increasing our investment in Class A, well-leased modern industrial assets.”
Built in 1998, 940 N. Enterprise St. features 30-foot clear height, 40-foot by 40-foot column spacing, 36 truck docks, and four drive-in doors. Located in Meridian Business Campus in the I-88 Corridor, Chicago’s third largest industrial submarket, the building is close to several other Duke Realty industrial properties.
The seller of the property, PanCal, 940 Enterprise LLC, a joint venture between Panattoni and California State Teachers’ Retirement System, was represented by David Bercu with Colliers. Brian Colson and Eric Fisher of NAI Hiffman represented Duke Realty in the acquisition of the property.