Jim Estus of Cushman & Wakefield of Illinois represented Hamilton Partners while the seller, Aurora, CO-based developer ProLogis, was represented by Rich Antczak of Champion Realty Advisors.
The giant industrial owner is hardly exiting the once-hot I-55 submarket. It has proposed building a 766,000-sf warehouse in nearby Romeoville, which would be worth a reported $20 million.
Vacancy in the I-55 Corridor has soared to 17%, says Grubb & Ellis senior vice president Terrence O'Hara, CCIM.
Meanwhile, Midwest Freightways Inc. reportedly bought a 259,000-sf warehouse and distribution facility in Corporate Crossing from Prudential Insurance Co. of America for approximately $9 million.
Elsewhere in the I-55 Corridor, Woodgrove LLC is developing a 44,352-sf medical office building. The Woodgrove Professional Centre at 7425 Janes Ave. is scheduled to open in March. The building, on a 2.4-acre site, is 50% pre-leased. Bannockburn, IL-based Principle Construction Corp. is handling the designing and building of the project.
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