CHICAGO, IL- Avison Young's Chicago Capital Markets Group has announced that they had been awarded the exclusive sale listing for The Corporate Plaza of Elmhurst at 501 W. Lake St. The plaza has two single-story class B buildings with 86,781-square-feet of space. Blue Vista Capital Partners, an institutional fund advisor, and Bridge Development, an industrial developer, both based in Chicago, own the plaza as a joint venture.
Bridge has just this year announced the acquisition of several substantial properties including a 319,043-square-foot industrial facility at Randall Crossings Business Park in Elgin, and, in a joint venture with Dallas-based Hillwood Development Co., five industrial projects totaling nearly 900,000-square-feet.
Erik Foster and Mike Wilson, both principals of Avison Young, will handle the listing. Foster is also the practice leader for the firm's industrial capital markets group.
“The Corporate Plaza has been a solid-performing asset in DuPage County,” said Foster in a prepared statement. “It is unique given its almost retail-like location, ease of access and strong credit tenant base, which provides tremendous cash flow. It is well-located and offers tremendous flexibility for meeting tenants' requirements. It is a fantastic example of an asset that has outperformed the market during the recession, and, consequently, is an investment many owners have not had the luxury of owning in their portfolios, until now."
The building was constructed in 1986 on nearly 7 acres and is fully-leased. That puts it ahead of much of the surrounding area. Colliers International stated in a year-end report that this slice of the suburbs took a hit in 2012, ending the year with a vacancy rate of 22.5% and was one of the few submarkets to experience an increase in vacancies.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
