CHICAGO- Avison Young announced yesterday that their firm had been awarded exclusive sale listing of 5s220 Frontenac Road in west suburban Naperville. The single-story industrial property, which Avison says is owned by a global investment management firm, has approximately 200,000-square-feet.
Erik Foster and Mike Wilson of the Toronto-based Avison's Chicago Capital Markets Group will handle the sale. Both are principals of the firm; Foster also is the practice leader for the Industrial Capital Markets Group. As a team, the two have completed transactions totaling more than $4 billion.
The building recently underwent a renovation and three tenants lease 100 percent of the space. It sits along the I-88 corridor in DuPage County and has access to Interstates 88 and 355, and Route 59 and rail systems. Avison will focus on attracting on institutional buyers who want to take advantage of its solid occupancy history or larger distribution companies that need a facility with a lot of transport options.
“This asset provides the buyer the ability to obtain an institutional quality asset in one of the major distribution markets in the country, with the added benefit of rising rental rates that should add significant value in the coming years.” said Foster. “In addition, given the desire by institutional capital sources to purchase more industrial product, this type of core asset should be in great demand.”
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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.
