Avison Young Brokers 638 KSF Chicago Industrial Deal
- Jan 05, 2018
Avison Young has facilitated the sale of a three-property industrial portfolio in two Chicago suburbs, Arlington Heights and Bridgeview, Ill. The assets encompass 637,746 square feet and belonged to a Chicago-based institutional pension fund advisor. They are 98 percent leased to long-term tenants. The buyer is an institutional fund manager based in New York City.
“This portfolio provides a tremendous opportunity for the new owner to gain access to the strong Chicago suburban market with assets that are well positioned for long-term growth,” said Avison Young Principal Erik Foster, in prepared remarks. “With strong tenants in place and the opportunity for rental growth, this portfolio was in strong demand from a variety of investors.”
Foster and Mike Wilson, also a principal with Avison Young, closed the deal on behalf of the seller. The same team has recently brokered another transaction comprising three Chicago O’Hare industrial properties.
The Arlington Heights property is located at 425-455 E. Algonquin Road, close to the four-way interchange at Interstate 90 and Arlington Heights Road. The 304,506-square-foot facility is 96 percent leased and includes 7,605 square feet of office space and 12 interior loading docks.
The other two distribution facilities, located in Bridgeview, are both fully leased. One is situated a 7400 W. 100th Place and can be accessed from Interstate 294 via a four-way interchange at 95th Street. It offers 157,593 square feet including 7,592 square feet for office use, two interior truck doors and two drive-in doors. On-site are a pair of five-ton and one-ton bridge cranes as well as a pair of two-ton monorail cranes.
The other property provides 175,647 square feet at 8811 S. 77th Ave., near Interstate 55. It encompasses 8,200 square feet of office space, 16 interior truck docks and one drive-in door.
Images via Google Street View