ITASCA, IL-ML Realty Partners has purchased two distribution buildings totaling 440,507 sf in the O'Hare market. The company bought a 245,610-sf building at One Bakery Dr. in Des Plaines that is 100% leased to IMS Cos. LLC, and 3801 Rose St., a 194,897-sf building in Schiller Park, just east of 25th Avenue.
Michael W. Luecht, president and chief executive officer, says the Bakery Drive building is a sale-leaseback with IMS Cos. He did not divulge whether the Schiller Park building is leased, or who the building was purchased from, though records show the building is leased to AMCO Engineering. He also refused to comment on the purchase price or lease rates in the building. According to a Grubb & Ellis third-quarter report, the average lease rate for the area is $5.45 per sf.
He did say that while everyone is aware of the inflating land prices around O'Hare, it will be interesting to se how the various redevelopments work out in the area during the next few years. "Clearly there is very sustainable demand for the product around O'Hare for years to come, not only due the airport expansion but also because of the access to the labor force," Luecht tells GlobeSt.com.
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