CHICAGO—The Chicago metro area's industrial sector continues to attract big investments from the West Coast. LBA Realty, an Irvine, CA-based investment firm, just bought a three-building, 538,236-square-foot portfolio located on 24 acres in Elk Grove Village near the western entrance of the city's O'Hare International Airport, one of the region's most desirable submarkets. According to Cook County property records, the price was $40.1 million.
Clear Lam and D&W Fine Pak occupy 100% of the buildings at 1900 Pratt Blvd., 1950 Pratt Blvd. and 2000-2020 Pratt Blvd. The national food companies have long-term leases for the space, which is vitally important for their operations, an appealing factor to many potential investors.
“We had sustained and deep interest in this portfolio from both US and foreign sources,” Erik Foster, a Chicago-based principal of Avison Young, tells GlobeSt.com. Along with Mike Wilson, also an Avison Young principal, he represented the owner Mirvac, a Sydney, Australia-based company.
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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.
