Avison Young completes 149,474-SF industrial sale in Chicago26 Apr 2021
Niles facility is 100% leased to Fort Dearborn Company
Chicago, IL – Avison Young announced today that it has negotiated a 149,474-sf industrial building sale in Chicago. The property, which is fully leased to Fort Dearborn Company, is as 6035 Gross Point Road in Niles, IL.
Avison Young Principals Erik Foster and Mike Wilson, who are both based in the firm’s Chicago office and members of the company’s national industrial capital markets group, represented owners Dermody Properties and Chicago-based Wanxiang America Real Estate Group in the sale. The buyer was Plymouth Industrial REIT, based in Boston.
Fort Dearborn Company is one of the country’s largest producers of labels for consumer goods packaging. The company serves markets such as food and beverage, household and personal care products, including many leading consumer brands. The company is a long-time tenant in the building.
“This asset was well received in the market given its strong location and the high quality, long-term tenant in place,” said Foster. “Chicago remains one of the top industrial markets in the country and is a draw for national and international investors looking for stability and growth potential.”
The building is located in proximity to O’Hare International Airport, I-294 and I-94, along with the strong Northern Cook County labor pool.
The O’Hare Industrial submarket, comprising 109 million square feet (msf) remained one of the most sought-after submarkets within the Chicago Market. The diverse inventory of modern big-box and mid-sized space couples with a highly-centralized, convenient location providing access to O’Hare International Airport and quick access to major area roadways.
According to Avison Young research, vacancy in the O’Hare submarket declined at Q1 2021 to 7% from 8.3% in the fourth quarter. There was 1.8 msf of net absorption in the quarter and a total of 3.4 msf since Q3 2020. The O’Hare submarket has three buildings under construction totaling 503,890 sf.
“The Chicago industrial market continues to attract global investors looking for well leased and strategically located assets,” says Foster. “Given the need to connect e-commerce businesses with a large pool of urban shoppers, we expect Chicago to continue to be on the radar for investors.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada' s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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