Tenants occupy 97% of the portfolio, located about 22 miles from downtown Chicago and at the convergence of I-290, I-294, I-90, and the Union Pacific Rail Line. It includes a 62,344 square foot building at 501 Algonquin Rd., one with 15,278 square feet at 401-411 W. Algonquin Rd., and a pair of 56,182 square foot buildings at 1840-1864 and 1870-1894 S. Elmhurst Rd.

In the first quarter, the O'Hare vacancy rate decreased by 12 bps to just 3.64%, the second lowest vacancy rate of the 22 submarkets tracked in the Chicago industrial market, according to Colliers International.

“The O'Hare market continues to outperform many markets across the country,” Foster says. “The need among tenants to be in this infill market causes scarcity, which creates opportunistic scenarios for property owners, which in turn creates demand from investors.”

CHICAGO—A multi-tenant industrial portfolio in one of the country's most sought after markets is up for sale. The 190,000 square foot, four-building portfolio is located on a 10.28-acre site in Mount Prospect, IL, north of O'Hare International Airport. Avison Young has been awarded the exclusive sale listing.

“There are a lot of buyers looking for this kind of property,” Avison Young principal Erik Foster tells Globe St.com. “This is getting national attention.” Although he can't give any details on this specific offering, similar portfolios in the area have traded for more than $100 per square foot.

The area around the airport has around 100 million square feet of warehouse/distribution, R&D/flex and service center space, making it one the largest industrial submarkets in the Chicago region. And the vacancy rate has sunk below 4%, leaving tenants with few options. Furthermore, Foster says “there isn't any land available for new construction.”

Foster and his colleague Mike Wilson, both based in the company's Chicago office and members of the firm's national industrial capital markets group, are representing the owner, Clear Height Properties, a Chicago-based investment firm.

Tenants occupy 97% of the portfolio, located about 22 miles from downtown Chicago and at the convergence of I-290, I-294, I-90, and the Union Pacific Rail Line. It includes a 62,344 square foot building at 501 Algonquin Rd., one with 15,278 square feet at 401-411 W. Algonquin Rd., and a pair of 56,182 square foot buildings at 1840-1864 and 1870-1894 S. Elmhurst Rd.

In the first quarter, the O'Hare vacancy rate decreased by 12 bps to just 3.64%, the second lowest vacancy rate of the 22 submarkets tracked in the Chicago industrial market, according to Colliers International.

“The O'Hare market continues to outperform many markets across the country,” Foster says. “The need among tenants to be in this infill market causes scarcity, which creates opportunistic scenarios for property owners, which in turn creates demand from investors.”