CHICAGO—Avison Young has been awarded the exclusive sale listing of 1355 Lakeview Drive in Romeoville and 8901 W. 192nd Street in Mokena, industrial properties of, respectively, 80,945-square-feet and 55,450-square-feet. The portfolio is owned by Oak Realty Group, Inc., an institutional asset advisor and investor.
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 Romeoville property was built in 2003, expanded in 2007 and sits along the I-55 industrial corridor in the southwest suburbs. It has 24-foot clear height, four exterior loading docks, one drive-in door, and one heavy crane. Avison says any new owner can easily divide the building for smaller tenants and has been fully-leased since construction.
The Mokena facility is also modern, built in 2002, and also located along a major expressway, in this case I-80. Designed for light industrial uses, the building has a large amount of office space, about 16,650-square-feet. It features a 22-foot ceiling height, six exterior loading docks, and a drive-in door for each tenant suite. It has averaged 92% occupancy since construction.
“These two buildings offer the key fundamentals that investors are seeking in today's market—long term leases from high credit tenants; a history of strong occupancy and prime locations within stable industrial submarkets,” says Foster. “Given the desire by institutional capital sources to purchase more industrial product, this type of core asset should be in great demand.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
