Marcus & Millichap Real Estate Investment Services has arranged the sale of a 98,445-square-foot multi-tenant industrial property located in Elk Grove Village. The asset sold for $2.3 million.
Paul Tesdal, an investment specialist in Marcus & Millichap’s Chicago downtown office, had the exclusive listing to market the property on behalf of the seller, a REIT. The buyer, a limited liability company, was also secured and represented by Tesdal.
The building is located at 1900-1960 Devon Ave. in Elk Grove Village. The property is a single story, multi-tenant building that has frontage on Devon Avenue (18,000-plus vehicles per day) and is located near O’Hare International Airport. There are a total of seven units in the building. The asset provides staggered lease expirations with rents that are forecasted to see rental growth in the next five years.
