Seefried Sells 144 KSF Chicago-Area Facility

Seefried Properties has sold a 144,414-square-foot facility in Elgin, Ill., a Chicago submarket. Plastic molded parts manufacturer Component Plastics Inc. purchased the asset for $19.4 million, public records show. Cushman & Wakefield represented the seller, while Core Industrial Realty worked on behalf of the buyer.

The recently completed warehouse is part of a two-building campus totaling 465,360 square feet that broke ground last July. Partners on the development included general contractor FCL Builder, civil engineer Spaceco and Harris Architects as the architect of record.

The rear-load facility features 32-foot clear heights, 19 dock-high loading doors and two drive-in doors, along with 205 car parking stalls. The other building, scheduled for shell completion this March, will have 36-foot clear heights, 42 dock-high loading doors, two drive-in doors and 259 parking spots.

The property is at 1705 Madeline Lane, 43 miles from downtown Chicago and 29 miles from O’Hare International Airport. The Port of Chicago is within 56 miles southeast. The warehouse is also some 15 miles from a 785,181-square-foot portfolio that recently traded for $50.2 million.

Core Industrial Realty Managing Broker Noel Liston represented the buyer, while Cushman & Wakefield Executive Vice Chair Jason West and Executive Director Doug Pilcher represented Seefried. Last year, West was part of the team tapped to lease Oak Forest Logistics Center, a 664,453-square-foot building in a Chicago submarket.

The Windy City’s steady industrial sector

According to the latest CommercialEdge industrial report, Chicago saw almost $2.3 billion in assets change hands last year, ranking in the top 10 markets across the country. Los Angeles ($4 billion), the Inland Empire ($3.9 billion) and Dallas ($3.4 billion) are some of the metros that surpassed the Windy City. Properties in the metro traded at an average of $92 per square feet, considerably lower than the $129 national figure.

In November, Hines acquired Chicago Prime Portfolio, a 1.1 million-square-foot industrial campus. The two-building property was fully leased at the time of sale.

A few months earlier, Venture One Real Estate acquired a 404,953-square-foot industrial portfolio from The Visual Pak Cos. The asset traded in a sale-leaseback deal.