Ares Industrial Management has acquired Park 88 Logistics Center, a two-building, 429,623-square-foot Class A logistics park in North Aurora, Ill., for $58.2 million.

Completed in 2024, the property sits at 400 and 410 Smoke Tree Plaza, just west of the I-88 and Route 31 interchange. It offers modern specs, including clear heights between 32 and 36 feet, 44 dock positions, four drive-in doors and 303 parking spaces. The fully leased facility is home to three tenants with leases averaging more than six years.

The seller was a joint venture between TradeLane Properties and Feeling Development. Colliers’ Jeff Devine, Steve Disse and Tyler Ziebel brokered the deal.

While the deal comes at a time when Chicago’s industrial market is facing a bump in vacancy — now at 10.9%, the highest in the Midwest — the price point suggests a long-term view. At $135 per square foot, Ares paid well above the metro average of $96 through April, according to CommercialEdge data. That premium likely points to the property’s recent construction, full lease-up and location in a supply chain–connected submarket.

“The opportunity offered Ares the chance to acquire two Class A industrial facilities with stable cash flow and quality tenancy in a submarket that will continue to benefit from the rising cost of occupancy across core Chicago markets,” said Ziebel.

Chicago has logged $790 million in industrial sales so far in 2025, which is the third-most in the country. But, pricing in the market has moved slower here than it has elsewhere. Nationally, average per-foot prices have climbed 62% since 2019. For comparison, in Chicago, the increase has been closer to 40%, held down, in part, by the 125 million square feet of new supply added during that time.