CHICAGO—Top industrial properties in the Chicago region bring national attention when they hit the market, but then so do class B buildings. Avison Young just negotiated the sale of a 637,746-square-foot, three-building, class B industrial portfolio in the suburban Chicago market. The three buildings are an average of 98% leased. All assets include long-term tenants and are located in older submarkets where demand for industrial space is strong.
Erik Foster and Mike Wilson, both principals based in Avison Young's Chicago office and members of the company's national industrial capital markets group, represented the seller, a Chicago-based institutional pension fund advisor. The buyer was an institutional fund manager based in New York City. Financial terms were not disclosed.
“There is still a voracious appetite for properties in major markets that provide good yields,” Foster tells GlobeSt.com. “These are in classic Chicago industrial submarkets with deep labor pools and significant transportation links.”
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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.
