Avison Young has completed sale of a two-building portfolio with adjacent land sites at 1755-1795 North Butterfield Road in Libertyville, Illinois. The portfolio contains two fully-leased buildings, a 251,961-square-foot industrial building and a 35,141-square-foot office building, as well as two vacant lots zoned for industrial use.
Avison Young represented the seller, Ashley Capital, one of the largest privately-held real estate investment companies in the United States. The portfolio was purchased by STAG Industrial, a publicly-owned, Boston-based REIT.
The firm’s national industrial capital markets team in Chicago was led by Principals Erik Foster and Mike Wilson, in conjunction with Principals, and industrial brokers, John Hauser, Michael Fonda and Hugh Williams.
The assets are near I-94 and Peterson Road/Route 137 in the growing Lake County market. The existing buildings are leased to stable tenants with long-term commitments to the buildings and the Chicago market. The vacant parcels are 10 and 11 acres, zoned for 110,000-sf and 126,000-sf buildings, respectively.