Marcus & Millichap Real Estate Investment Services has received the exclusive listing for FedEx Freight East, a 63,740-square-foot FedEx freight terminal in Aurora, which is the second-largest city in Illinois and part of Chicago’s Naperville/Aurora metropolitan trade area. The listing price of $18.25 million equates to $286 per square foot.
Nick Manganais, an associate vice president investments in Marcus & Millichap’s Chicago O’Hare office, is representing the seller, an Illinois family partnership.
“This FedEx freight facility is one of just 17 FedEx Priority freight terminals in Illinois,” Manganais said. “The facility was a build-to-suit for FedEx in 2003 and has an absolute corporate triple-net 15-year lease that began in January 2004. The lease had a 13 percent rent increase in year six (2009) and there is another one in year 11 (2014). This is an investment-grade property with long-term cash stream potential.”
The property is located at 3883 Butterfield Road and is close to two major highways, Interstate 88 and Illinois Route 59. There is a population of 400,000 people and 250,000 employees within a seven-mile radius of the facility. The office and industrial area and heavy residential and employee base surrounding Chicago’s O’Hare International Airport is approximately 30 minutes away.
FedEx Freight East’s 55,120-square-foot main building features 6,800 square feet of office space and 48,320 square feet of cross-dock working area, which serves as the customer center. The property also contains a 6,550-square-foot three-bay repair/wash building, a 1,600-square-foot fueling facility and a concrete scale pit with an axle scale.
The freight terminal has 104 loading/unloading doors with custom dock levelers and custom door seals. There are 269 tractor/trailer parking spaces and a separate employee parking lot that can hold up to 91 cars.
