CHICAGO—The value of industrial real estate in Chicago has been proven again, especially when it comes to new buildings dedicated to product distribution. JLL Income Property Trust has just acquired Aurora Distribution Center, a 305,000 square foot warehouse in suburban Aurora, for $27.7 million.
Fortune 200 manufacturer PPG Industries recently moved in and now occupies 100% of the property, which was just finished by Rosemont, IL-based Conor Commercial Real Estate. What made the building, located in the Orchard Gateway Corporate Center along Orchard Rd. near I-88, especially attractive to investors was that PPG will lease it for at least another 12 years, triple-net, with 2% annual rent increases.
“For us income is key,” Brian Kuzniar, portfolio manager for the trust, tells GlobeSt.com, “and this property falls very much within our industrial portfolio strategy. We're looking for properties that are 100% leased and will stand the test of time.”
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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.
