By Roxana Baiceanu
Avison Young has facilitated the sale of a 190,000-square-foot industrial portfolio within the O’Hare submarket, which it marketed in the spring. The previous owner, investment firm Clear Height Properties, sold the four facilities to a private institutional equity provider based in Los Angeles.
The buildings are located on a contiguous 10.3-acre site in Mount Prospect, Ill.:
- 501 Algonquin Road (62,344 square feet)
- 401-411 W. Algonquin Road (15,278 square feet)
- 1840-1864 and 1870-1894 S. Elmhurst Road (56,182 square feet in each building)
“The O’Hare market continues to draw investors looking to tap into the Chicago market’s strong fundamentals and connection to the nation’s growing distribution network,” said Principal Erik Foster in prepared remarks. “A well-leased portfolio in this coveted market creates tremendous opportunity for investment growth.”
The properties are 97 percent leased to a mix of tenants including EPP Corp., Nikuni America and Lapmaster International. They are located in close proximity to interstates 290, 294, 90 and 355, the Union Pacific Rail Line and the O’Hare International Airport. Downtown Chicago is less than 30 miles away.
Avison Young Principal Mike Wilson worked together with Foster to market and arrange the deal on behalf of the owner.
Image courtesy of Avison Young