Matthews Real Estate Investment Services sold an off-market DHL facility in Chicago’s O’Hare submarket. Located at 10451 Waveland Avenue in Franklin Park, Illinois, the concrete, tilt-up construction building sold for $11.6 million.
Maxx Bauman, senior associate at Matthews, facilitated the deal, which constituted $132 per square foot at a sub 6 percent cap rate.The 87,464-square-foot logistics facility is located at the prime location between the Tri-State Tollway and just blocks away from O’Hare International Airport. The transaction closed with the first buyer under contract as it matched the buyer’s acquisition criteria perfectly, being a rare acquire at a mission-critical site in an incredible location.
“Properties don’t trade often in this submarket, so we are pleased our client trusted us with this transaction. It was a great opportunity for both parties—the seller got an incredible price for a short-term deal and the buyer added a fantastic piece of real estate to their portfolio,” said Bauman.