{"id":4591,"date":"2025-06-20T05:50:17","date_gmt":"2025-06-20T05:50:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=4591"},"modified":"2025-06-21T06:07:19","modified_gmt":"2025-06-21T06:07:19","slug":"ares-pays-58m-for-warehouse-in-chicago","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/ares-pays-58m-for-warehouse-in-chicago\/","title":{"rendered":"Ares Pays $58M for North Aurora, Ill., Warehouse in Long-Term Bet on Chicago Industrial"},"content":{"rendered":"<p>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.<\/p>\n<p>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.<\/p>\n<p>The seller was a joint venture between TradeLane Properties and Feeling Development. Colliers\u2019 Jeff Devine, Steve Disse and Tyler Ziebel brokered the deal.<\/p>\n<p>While the deal comes at a time when Chicago\u2019s industrial market is facing a\u00a0<a href=\"https:\/\/www.commercialsearch.com\/blog\/chicago-industrial-rents-rise-so-to-vacancy-rate\/\" target=\"_blank\" rel=\"noopener\">bump in vacancy<\/a> \u2014 now at 10.9%, the highest in the Midwest \u2014 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\u2019s recent construction, full lease-up and location in a supply chain\u2013connected submarket.<\/p>\n<p style=\"text-align: left;\">\u201cThe 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,\u201d said Ziebel.<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019 Jeff Devine, Steve Disse&#8230;<\/p>\n","protected":false},"author":3163,"featured_media":4595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-4591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-real-estate-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ares Acquires 429,000-SF Industrial Park Near Chicago for $58M<\/title>\n<meta name=\"description\" content=\"Ares pays $58.2M for a newly built, fully leased logistics park in North Aurora, Ill., marking one of Chicago\u2019s premium industrial sales of 2025.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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