"Interest remains strong for small to medium-sized multi-tenant industrial buildings, for both end-users and investors," says Paul Montes, senior commercial broker for Inland Real Estate Brokerage. "Selling a property requires more due diligence than ever before, however, strong buyers can receive financing, and the price differential is shrinking. Buyers' and sellers' price expectations are closer together now than they were a few months ago."
Montes along with Inland sales associate Eric Spiess represented the limo company in the sale, while the buyer, a local investor, was represented by David Kim of Charles Ruttenburg Realty.
The property is fully-leased, with tenants in addition to the limo company including an automotive repair shop and a carpet and tile company. The investor purchased the property in all cash, and it joins his current portfolio of other multi-tenant industrial properties in the Chicago metro market.
The property is located in the south suburban submarket, where overall occupancy rates are around 88%, according to Cushman & Wakefield's Q1 industrial market report. Asking lease rates in the submarket range from $3 to $5 per square foot net, according to Cushman's research.
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