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Colony Realty Acquires $40M Warehouse From JV

MT. PROSPECT, IL-The Boston-based company has purchased a 638,000-sf warehouse and production facility at 1800 W. Central from a joint venture.

By Cari Brokamp | Updated on October 08, 2008

MT. PROSPECT, IL-Colony Realty Partners has purchased a 638,000-sf industrial building at 1800 W. Central. The Boston-based company purchased the 75%-occupied warehouse and production facility from a partnership of Commonfund and Golub & Co., for $40 million.

The building is in the north O’Hare submarket, where vacancy rates are around 8%, says Ken Szady, executive director of Cushman & Wakefield’s capital markets group. Szady along with Jim Carpenter, senior director with Cushman & Wakefield’s capital markets group, acted as sole brokers in the sale.

“Colony is currently adding to its portfolio in Chicago, looking for a nice, diversified portfolio in the market, and this represents a large chunk of industrial real estate in an infill market,” Szady tells GlobeSt.com. “There’s not a lot to come on the market of this scale. When you start looking at the number of large, big-box distribution facilities that are located around the airport, that number is small.”

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