Avison Young has negotiated the acquisition of an 87,500-square-foot industrial building in Chicago’s O’Hare submarket on behalf of the buyer, MK Asset Management. The building is located at 11608 Copenhagen Court in Franklin Park, Illinois.
Avison Young principals Hugh Williams and Michael Fonda, along with associate Matt Knafel, all of whom are based in the company’s Chicago office and members of the firm’s industrial practice group, represented the buyer. Ryan Kehoe and Tom Condon of Lee & Associates represented the seller. Financial terms were not disclosed
“The acquisition of 11608 Copenhagen Court in Franklin Park strengthens our presence in Chicago, and specifically takes advantage of the unparalleled infrastructure of O’Hare airport,” said Jared Margolis, president of MK Asset Management. “This purchase remains consistent with our thesis of aggressively buying properties which allow us to offer below-market rents in strong submarkets while simultaneously delivering healthy returns to our investors.”
Seeing this as an opportunity to provide a unique asset within the tight O’Hare submarket, which currently boasts a 3 percent vacancy rate, MK Asset Management will be putting significant improvements into the building to prepare it for occupancy, including a new roof, improved dock package and new lighting throughout the building.
Quickly repositioning properties after acquisition has proven to be a sound strategy for the Chicago-based investment firm. As part of its O’Hare submarket focus, MK Asset Management acquired the single story-office property at 1001 E. Touhy Avenue in Des Plaines earlier in the year and immediately implemented a comprehensive capital-improvement plan, leading to several quick leases within the 67,000-square-foot office property.
Williams, Fonda and Knafel will also represent ownership in the marketing and leasing of the property. MK Asset Management will use its internal management company for property management services.
The 11608 Copenhagen Court site is well-positioned in the O’Hare submarket, adjacent to the planned third and fourth segments of the Elgin-O’Hare Expressway, which will link I-90 and I-294, providing improved western access via I-390. The facility has 18-foot clear ceilings, 17 docks and one drive-in door. The property is rail-served by Union Pacific in six locations and includes 1,500 square feet of office space.