CHICAGO— The Sitex Group, a private equity firm that specializes in industrial real estate, has just acquired an 87,219 square-foot warehouse and distribution facility located at 350 S. Church St. in suburban Addison. And Sitex principal Cary Goldman tells GlobeSt.com that this new addition to its portfolio is a “one of a kind product” that stands out from everything else in the submarket. The price was not disclosed.
“There are few existing buildings in all of Northeast DuPage County that feature the modern image and amenities of 350 South Church St.,” he says. Addison is a mature market with inventory that mostly dates to the 1970's and 80's, but this building was originally built in 1995 and subsequently expanded in 2007.
Furthermore, the area has no available land for new construction and a vacancy rate hovering near 5%, he adds. The company expects that buildings like this “will see rent and value growth over the next several years” as tenants continue demanding facilities with a range of modern features.
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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.
