By Roxana Baiceanu
Avison Young closed on a 538,236-square-foot industrial portfolio transaction on behalf of the former owner, Mirvac. The three buildings, spanning over 24 acres near the western entrance of Chicago’s O’Hare International Airport, were acquired by Irvine, Calif.-based LBA Realty.
“The Chicago industrial market continues to be a top performer, drawing investors because of its strong location and the depth of its supply chain capabilities,” said Avison Young Principal Erik Foster in prepared remarks. “With long-term corporate tenancy in place, the new owner can expect solid performance from this portfolio for years to come.”
The facilities are fully leased by two national food industry businesses, Clear Lam and D&W Fine Park. Clear Lam occupies the 111,338-square-foot facility at 1900 Pratt Blvd. while D&W leases the other two buildings: a 165,212-square-foot center at 1950 Pratt Blvd. and a 261,686-square-foot building at 2000-2020 Pratt Blvd.
Avison Young Principals Erik Foster and Mike Wilson, based in the company’s Chicago office, led the negotiation.
Image via Google Street View