Chicago-based HSA Commercial Real Estate announced the completed sale of a 218,500-square-foot industrial building in the Delany Commerce Center—a multi-phase, 22.7-acre development east of the Tri-State Tollway in Waukegan, Illinois. The firm developed the distribution center in 2013 in partnership with Washington Capital Management Inc. and recently sold the building to a private investor.
The 100-percent occupied warehouse building at 2431 Delany Road was the first phase in the development. The distribution facility is currently leased to two tenants: Eagle Foods, a manufacturer and distributor of household food and snack products, and Trifinity Partners, a third-party logistics firm that serves major retailers. Mike Caprile, Ryan Bain and Zach Graham of CBRE represented the sellers in the transaction.
“The current competitive labor market is a key factor in decision-making for distribution and logistics companies, and Lake County’s proximity to skilled workers has helped drive new development and leasing activity in the area,” said Robert Smietana, vice chairman and CEO of HSA Commercial Real Estate. “Development sites such as Delany Commerce Center that are convenient and accessible to workers will continue to be especially attractive for warehouse users.”
HSA Commercial Real Estate is currently exploring build-to-suit and speculative development opportunities for the second phase on an adjacent, 12-acre lot, which can accommodate up to a 220,000-square-foot industrial or flex facility.