Marcus & Millichap has announced the sale of a 63,740-square-foot FedEx freight terminal located in Aurora, Ill. which was part of a two property portfolio of single tenant Industrial properties. The $15,950,000 sales price equates to $250 per square foot. The buyer’s acquisition of the FedEx property was a critical component in enabling them to refinance a 1.4 million square foot, 27 building portfolio.
Nick Manganais, a vice president investments in Marcus & Millichap’s Chicago O’Hare office, represented the seller, an Illinois-based family partnership. Howard Wiese, a vice president investments in the same office, represented the buyer, Welbic Investments, a private real estate investment fund.
“The property is one of just 17 FedEx Priority freight terminals in Illinois,” says Manganais. “It was built-to-suit for FedEx in 2003.”
“The property is located in a very strong Chicago metro area near two major highways, Interstate 88 and Illinois State Route 59,” adds Wiese. “O’Hare International Airport and the surrounding densely populated office and industrial areas are within a 30-minute drive.”
The freight terminal is located on 14.5 acres at 3883 Butterfield Road in Aurora, Ill. Part of Chicago’s Naperville/Aurora metropolitan trade area.
The Aurora FedEx freight terminal features a 55,120-square-foot main building with 6,800 square feet of office space. There is also 48,320 square feet of cross-dock working area, which serves as the customer center. The property 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.