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.”
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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.
