CHICAGO—The I-88/Fox Valley submarket has become quite popular with industrial users, and investors are following in their wake. American Realty Advisors has just acquired the I-88 Gateway Logistics Center, a 604,565-square-foot industrial property that the Opus Group and USAA Real Estate Co. built on a speculative basis in late 2014. The price was not disclosed.
As reported in GlobeSt.com, Woodridge, IL-based Midwest Warehouse & Distribution System, Inc. quickly agreed to occupy the entire building through 2022, the submarket's largest lease of 2015.
"Overall, this is the type of core industrial property that fits very well in our portfolio," says Ray Kivett, American's managing director, investments. "The center's great location, strong tenant profile, and high quality construction are three of the factors that we believe will provide our investors with an attractive cash flow stream and overall return profile."
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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.
