CHICAGO—Developers have been transforming the industrial market around O'Hare by purchasing many of its aging, obsolete structures and replacing them with modern distribution buildings. Seefried Industrial Properties, Inc. is about to launch another of these projects in Elk Grove Village, but the coming years will most likely see fewer such deals.
“We are toward the back end of this cycle, not because of any weakness in the market, but because investors and developers have been at it for two of three years,” Mike Antonelli, vice president of sales for Brown Commercial Group, tells GlobeSt.com. Demand for new, modern distribution buildings near the airport remains intense, but the opportunities are thinning out.
Seefried plans to build an 80,000 square foot, class A warehouse at 2001 Arthur Ave. in Elk Grove Village after demolishing the site's current 126,537 square foot building. Antonelli and Mason Hezner, senior associate, represented the seller, Spirit Realty Capital, which originally purchased the asset as part of a larger portfolio acquisition.
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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.
