JLL’s capital markets team has closed the sale of a 100 percent leased, multi-tenant, 456,417-square-foot industrial building at 1400 N. 25th Avenue in the Chicago-area community of Melrose Park, Illinois.
JLL marketed the property on behalf of the seller, Baker Development Corporation. Glen Una Management purchased the asset for an undisclosed price.
The seller completed extensive renovations in 2019, modernizing the building to meet tenant demand. Today, the building is fully leased to a tenant roster which includes 15 national and regional companies in the traditional warehouse, distribution, food production, showroom, will-call and sports/entertainment sectors.
The building features ceiling clear heights ranging from 18 to 24 feet, 15 dock-high doors, 22 drive-in doors, above-average vehicle parking and LED lighting throughout. Situated on more than 15 acres, the building is in a prime, infill location in the West Cook Industrial submarket, one of Chicago’s largest and oldest submarkets, along traditional transportation routes leading in and out of the city. This location enables tenants to easily get to downtown Chicago, which is less than 15 miles away, along with access to more than 2.4 million residents within a 30-minute drive.
The JLL capital markets team representing the seller was led by senior directors Ed Halaburt and Robin Stolberg and senior managing director John Huguenard.