Transwestern Sells Newly Built Warehouse
- Jan 28, 2020
Transwestern has sold O’Hare Gateway Logistics Center, a 178,516-square-foot industrial property in Franklin Park, Ill. Exeter Property Group acquired the asset for $19.1 million, according to public records.
The seller developed the warehouse on a 10.5-acre infill parcel, located at 9100 Belmont Ave. The structure was finalized in December 2018 and features 32-foot clear heights, an ESFR sprinkler system, 46 dock doors and parking for 129 cars and 14 trailers. Additionally, the building benefits from low Cook County 6b taxes.
Situated at the junction between Belmont Avenue and North River Road, the transit-oriented property is roughly 5 miles southeast of O’Hare International Airport. The submarket is also home to national industrial players such as Just Manufacturing, Hunter Panels and Lowell International Foods.
With industrial vacancies at an all-time low, research by Transwestern indicates a projected 5 percent rent growth for the asset type in 2020. The needs of e-commerce tenants and third-party logistics companies continues to drive the strong demand for quality industrial properties.