NAI Hiffman, the largest independent commercial real estate services firm in the Midwest, today announced its Industrial Capital Markets Team brokered the $13.25 million sale of 1500 Bryn Mawr Ave. and 1251 Ardmore Ave., two light manufacturing and warehouse facilities in Itasca, Ill., totaling 108,357 square feet and currently occupied by Phoenix Converting Inc., the nation’s leading producer of specialty pouches for flexible packaging.
NAI Hiffman Executive Vice President Patrick J. Sullivan and Vice President Ryan Chambers, with Jeff Janda, principal of Lee & Associates, represented the seller, Oak Brook, Ill.-based TradeLaneProperties LLC. The buyer was a national industrial REIT.
“The acquisition gave the buyer the opportunity to acquire two fully occupied assets in the incredibly tight industrial submarket of Itasca, with a vacancy factor of 6.1%,” said Sullivan. “Although e-commerce players continue to dominate the industrial market, there is still appetite for smaller, well-located facilities for light manufacturing and warehouse uses.”
Built in 1969, 1500 Bryn Mawr is a 59,551-square-foot building with 18-foot clear heights. Built in 1969 and expanded in 2001, 1251 Ardmore is an 18-foot clear, 48,806-square-foot building. Both assets offer immediate access to I-390 and I-290 with secondary access to I-355, I-90 and I-294. The properties are located less than 10 miles from O’Hare International Airport.
The properties were fully stabilized at the time of the sale with 9.5 years of remaining lease term.