New Transactions for Chicago’s Industrial and Residential Real Estate Markets
- Apr 27, 2011
Two new industrial transactions have been recently negotiated by Colliers International in the O’Hare market.
The first transaction is a long-term lease at 855 N. Wood Dale Road in Wood Dale for Hegele Logistics LLC. Hegele Logistics was represented by Matthew J. Stauber, principal, and Thomas C. Rodeno, senior vice president, both from the Industrial Advisory Group of Colliers International Chicago. The two also represented AMB Property Corporation, who is the owner of the building on Wood Dale. Hegele Logistics was interested in this building because of its modern features and particularly because of the low DuPage County property taxes.
The centerpiece of the other transaction closed on April 1st 2011 was a 62,597-square-foot manufacturing building constructed in 1970. The building located at 1150 S. Lively Boulevard in Elk Grove Village was bought by Chicago Parts and Sound from an investment entity controlled by the principals of Venture One Real Estate LLC. The buyer company, which relocated from Wood Dale in DuPage County, is a provider of auto parts and electronic fulfillment, repair and installation to new car dealerships. The investment company was represented by Ronald J. Behm, principal, and Thomas C. Rodeno, senior vice president, both with the Industrial Advisory Group of Colliers International Chicago. The main features of the rail-served building acquired by Chicago Parts and Sound include a 123-car parking lot, new office ceiling and lights, T-5 lighting and epoxy flooring in the warehouse. The building is now occupied by Flextronics as an electronic assembly point.
Another important real estate transaction was closed in Chicago’s Lincoln Park neighborhood with Newcastle Limited acquiring a 48-unit apartment building at 2727 North Pine Grove for $5.9 million. Newcastle Limited bought the building on behalf of the company’s $500 million Chicago real estate investment platform and was represented in this transaction by Jack Cassin and Bill Cassin from Apartment Investment Advisers.
According to Michael R. Haney, president and CEO of Newcastle Limited, the property is a top investment opportunity mainly because of its location on a quiet residential street in Lincoln Park. The building consists of studio and one-bedroom units; it is also very close to many restaurants and shopping centers, public transportation, Lincoln Park and the lake.