CenterPoint Parts Ways with Suburban Chicago Asset
- Sep 01, 2015
By Keith Loria, Contributing Editor
A private investor has acquired a 263,668-square-foot industrial building in Franklin Park, Ill., from CenterPoint Properties.
Darwin Realty & Development Corp. represented the seller in the transaction. The price was not disclosed.
“The buyer was attracted to this property primarily because it is a manufacturing, multi-tenant facility that was 75 percent leased,” Richard Daly, Darwin’s president, told Commercial Property Executive. “The property lies within Chicago’s O’Hare submarket that is currently experiencing low vacancy, coupled with low interest rates, which made it a good time to sell.”
After the transaction was complete, Darwin arranged a 52,000-square-foot lease within the building to a new tenant, Sutton Transport. That unit features 12 docks, one drive-door, interior floor drains and cooler space.
Located at 2425-2553 Edington St., the property is situated on 13.43 acres, and benefits from close proximity to North and Grand avenues. The building features heavy electric power, heavy loading, and food grade cooler space.
“The buyer has plans to renovate 70,000 square feet of vacant space within the building,” Daly added.
According to the president, the O’Hare submarket offers good public transportation and excellent labor pool, which further made the property appealing. Furthermore, the buyer was attracted to the property due to the area’s ample local labor force, abundant trailer parking and flexible space for multiple tenants.
Cushman & Wakefield’s Larry Goldwasser and Colin Green represented the buyer in the sale transaction.