The O’Hare market has a good number of buildings like 5050 N. River Rd. that some developers would love to purchase.

The O’Hare market has a good number of buildings like 5050 N. River Rd. that some developers would love to purchase.

CHICAGO—The vacancy rate among industrial properties around O’Hare has sunk to historic lows, and many observers believe that some of the existing buildings in the area are ripe for redevelopment. But even though the largest available site in the O’Hare submarket east of the airport has just changed hands, its future has not been decided. A trust in the name of Howard Bernstein, the late founder of Atlas Cos., sold the 7.3-acre site at River Rd. and River St. in Schiller Park to Morton Grove-based Skyline Properties LLC. Transwestern principal Phillip Rosenberg and senior associate Ryan Phillips represented the seller in the transaction. The price was undisclosed, but Cook County records show a price tag of $4.6 million.

The four-building, 160,961-square-foot industrial property consists of 5040 – 5050 N. River Rd. and 9420 – 9500 W. River St. and currently serves as corporate headquarters for Atlas. The company distributes and services material handling, construction and floor cleaning equipment and will relocate to Elk Grove Village in March as part of an expansion.

“It is a prime industrial site for either an existing user or an active developer,” Phillips tells GlobeSt.com, especially since recent road improvements have greatly improved the area’s ability to handle truck traffic. “There were several buyers competing for this site, including a national developer. But it is also in close proximity to the Stephens Convention Center,” as well as Fashion Outlets of Chicago and MB Financial Park, so its future redevelopment can still take many forms, including possible retail or office use.

Rosenberg says the possible deal with the national developer fell through when village officials expressed concerns about those plans for the location. A Schiller Park official could not be reached by press time. Nick Saraceno of CTK Chicago Partners represented Skyline Properties in the transaction.