CHICAGO—Avison Young's national industrial capital markets group have been awarded the exclusive sale listing of a four-building industrial portfolio totaling 937,911-square-feet in Illinois, Wisconsin and Ohio. The Chicago-based Erik Foster and Mike Wilson of Avison Young will handle the portfolio sale for the undisclosed seller, a Chicago-based national fund manager. All of the properties are in highly sought after markets and are fully-leased to long-term tenants.
“This is a unique portfolio of fully leased properties in strong distribution markets across the Midwest,” said Foster. “This portfolio should be in great demand from institutional and regional investors who want high credit tenants with long-term plans to stay and grow in those logistics markets.”
The properties include:
• A 164,536-square foot building at 4420 N. Harley Davidson Dr. in Wauwatosa, WI, a suburb of Milwaukee market. Brenntag Great Lakes, which provides business-to-business distribution solutions to industrial and specialty chemical companies globally, rents the facility and recently expanded by 65,417-square-feet in that location.
• A 196,875-square foot facility at 10277 Venice Dr., Racine, WI. As reported in GlobeSt.com the southeast Wisconsin market has become one of the hottest in the Chicago metro area. The building was constructed in 2002 with an addition in 2005. It features 39' clear heights, 8” reinforced concrete floors, 16 exterior docks and two drive-In-doors for ease of distribution. Allstate Trucking and BWAY Manufacturing fully occupy the multi-tenant building. BWAY recently expanded and extended its term in 2011.
• A 376,500-square- foot facility at 2332 US 42 in Delaware, OH, in the Columbus industrial market. Associated Hygienic Products LLC, leases the entire building. This facility was a built to suit for AHP, and the company has made some significant investment in the property. The company manufactures private label and corporate brand baby diapers, training pants, and youth pants for many of the largest food, drug and mass merchandiser retailers throughout North America.
• A 200,000-square-foot building at 2601 West College Ave. in Normal, IL. The building has 30-35' clear ceiling heights, 42 loading dock doors, and 12” reinforced concrete floors. The facility is fully occupied by Mitsubishi Motors North America as part of a warehouse that supplies materials to the adjacent Mitsubishi plant. That plant produces more than 50% of the Mitsubishi vehicles sold in the US. In 2013 Mitsubishi invested $45 million into retooling the plant in order for it to handle production of the company's Outlander line, which should ensure long term tenancy.
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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.
