Transwestern Development Co. (TDC) has sold a 178,516-square-foot industrial property on behalf of TDC Franklin Park Partners I LLC, a partnership with one of Transwestern Investment Group’s (TIG) accounts. The building, which is located at 9100 Belmont Avenue in Franklin Park, Illinois, was acquired by a global real estate investment manager.
“We saw an opportunity to capitalize on the continued robust demand for quality, modern infill distribution space,” said Kevin Mohoney, Vice President at TDC. “This property presented a compelling opportunity to acquire a newly constructed, state-of-the-art facility in Chicago’s top performing submarket, and we’re thrilled that our successful exit has delivered a significant return for our equity partner.”
The sale marks the culmination of TDC’s assemblage of three off-market sites in 2018 that created a 10.5-acre infill redevelopment site in the O’Hare submarket. With the shell completed in December 2018, the building features a 32-foot clear height, low Cook County 6b taxes and premier visibility at the corner of Belmont Avenue and River Road. Further, with its location immediately southeast of O’Hare International Airport, the building provides access to a deep and talented labor pool and outstanding proximity to both local and regional transit.
The U.S. industrial market continues to perform well with strong demand coming from both third-party logistics providers and e-commerce tenants. With industrial vacancy rates at historical lows, rents continue to increase and are projected to grow by 5 percent in 2020. Accordingly, there continues to be strong demand for industrial product from both tenants and investors alike.
