Industrial Outdoor Ventures has acquired an 18.9-acre truck and container yard located at 23264 Youngs Road in Channahon, Illinois.
The property was priced at $8 million and was sold by Cavalea Continental Freight. It includes a maintenance shop and office building with driver facilities. The yard is paved and lighted, and is zoned I-3 with permitted container stacking. IOV plans to make light tenant-ready improvements to the existing facility.
JLL's Dan McGillicuddy and Steve Ostrowski represented the selling in the transaction. IOV has retained Josh Hearne of Cawley Chicago to market the property.
The acquisition is a step with the company's corporate initiative to obtain $100 million in assets over the next 12 to 24 months within a five year plan to amass more than $500 million in product type.