Industrial Outdoor Ventures (IOV) completed the acquisition of an approximately 10-acre service center asset in Channahon, Illinois. The terms of the transaction were not disclosed.
The property is located at 24251-24311 Riverside Drive. The asset includes a series of four grade-level equipment maintenance facilities, each approximately 15,000 square feet. The yard area, paved with a combination of asphalt and stabilized crushed stone, can accommodate 128 trailer parking stalls.
One of the primary attributes of the Riverside Drive property is its close proximity to the BNSF and UP Intermodals, along with Interstates 55 and 80. This location provides unparalleled access to markets and transportation routes across the country. Users in the immediate area include Nussbaum, United Rentals, Bowman Trailer, Merx Truck & Trailer, Bob’s Discount Furniture, M&K Truck Centers, and Doka.
IOV’s newest portfolio addition is leased to six tenants on a short-term basis. In conjunction with the acquisition of the Riverside Drive property, IOV has named Cawley Commercial as the exclusive leasing representatives. The Cawley leasing team includes Josh Hearne, Andrew Bobak and Reinier Pranger. Patrick Stanton of Patrick Commercial represented the Seller in the transaction.
This property represents the second asset IOV now owns in Channahon and its fifth overall in Chicago. The other Channahon asset is an 18.69-acre outdoor storage facility located at 23264 Youngs Rd. Another notable holding in the Chicago area is the initial phase of IOV’s Trumpet Park in Zion. The recently completed ISF totals 9 acres and includes an 11,440-square-foot maintenance and service facility. It is currently being marketed for lease by Chris Volkert, Pat Hake, Ned Frank, and Brendan Flanagan of Colliers.
