Located near I-80 just inside Will County, the area is “very much a national distribution submarket; it's grown substantially over the years and has become a much more important part of the logistics supply chain of a lot of companies,” including Georgia Pacific, Clorox and Smuckers.

“We've already seen interest from Canadians and other foreign investors.”

The original story appears below:

CHICAGO—Since the recession ended, institutional investors have gotten more interested in industrial properties. But even though much of that attention has so far been focused on the coasts, experts say they have also begun taking a closer look at properties in the Midwest, especially major distribution centers.

That may make things easier for officials from Avison Young, who have just taken on a major task, the results of which may help gauge institutional interest in the Chicago area. The firm has just been awarded the exclusive assignment to market the Dart Distribution Center for sale. And the 1.56 million-square-foot industrial building in suburban University Park does have several attributes which should stir investor interest.

For example, the building, located at 701 Central Avenue, is fully leased to Dart Container Corporation, the world's largest manufacturer of single-use food containers, and plays a central role in its operations. The company manufacturers more than 600 products and has facilities throughout the US, Canada, Mexico, Argentina, and Brazil. Dart, along with Solo Cup, a $1.6 billion company wholly owned by Dart, uses the building as its Midwest distribution center and national logistics hub. Furthermore, Dart still has ten years remaining on their lease, having signed for twenty years in 2003.

“The offering of the Dart Container / Solo Cup National Distribution Center is an excellent opportunity for investors,” says Erik Foster of Avison Young's Chicago Industrial Capital Markets Group, who along with Brendan Kelly of the firm's Global Supply Chain practice, will handle the assignment. “There is no other asset of this building quality and tenancy currently being offered in the country, especially in another major industrial market like Chicago. US and foreign investors looking for a stabilized, long-term leased core industrial opportunities will be attracted to the Dart Distribution Center.”

The building, situated on about 90 acres, was developed in 2002. The gross building area totals 1,563,660-square-feet, with an office area of 6,750-square-feet. The distribution space features 32' clear height , 120 docks and three drive-in doors.

Foster and Kelly say they will target institutional pension funds, public and private REITs, and international investors as prospective buyers. They believe these entities will find the property's long-term lease, stabilized and predictable cash flow and major market presence quite appealing.

Others seem to agree that now is a good time to offer up such properties.

“What we've been seeing is a lot of focus by institutional investors on the coastal markets,” says Timothy J. Gunter, the president and CEO for Atlanta-based Industrial Developments International. But recently, as the economy has gotten stronger, many of those same investors have decided they need geographic diversity. “It's hard to do it if you're only in the coastal markets,” and places like Chicago, Indianapolis and Memphis are receiving more attention. “What we're starting to see is that folks are loosening up a bit.”