Holliday Fenoglio Fowler, L.P. (HFF) has closed the $6 million sale of and secured $4.6 million financing for O’Hare Business Center, a three-building, multi-tenant, industrial flex facility totaling 127,642 square feet in the Chicago suburb of Mount Prospect, Illinois.
HFF marketed the property on behalf of the seller, a partnership between Principal Global Investors and Morgan Realty Partners. A joint venture between Clear Height Properties and R2 purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, HFF placed the five-year, fixed-rate loan with Oxford Bank & Trust.
Situated on 7.45 acres at 401-411 West Algonquin Road and 1840-1864 and 1870-1894 South Elmhurst Road in the established O’Hare industrial market, O’Hare Business Center is in an area adjacent to Chicago’s O’Hare International Airport.
The asset is less than six miles from the convergence of Interstates 90, 190 and 294, providing access to Chicago’s major highway systems. O’Hare Business Center’s three one-story buildings contain 28 individual units averaging 4,500 square feet that can accommodate both industrial and office needs. The buildings have a total of 16 drive-in doors, 14 interior dock platforms and a 14’6″ clear height. The 82-percent leased facilities are home to 20 tenants and provide 159 parking spaces.
The HFF investment sales team representing the seller was led by managing director Patrick Sullivan and real estate analyst Ryan Chambers.
The HFF debt placement team representing the new owner was led by managing director Christopher Carroll, associate director Jason Bond and real estate analyst Nicole Schmidt.
