CHICAGO—The FedEx distribution center at 1121 Northpoint Blvd. in north suburban Waukegan has just been sold by a private fund manager, according to officials from Avison Young, who brokered the sale. Financial details were not disclosed.
Avison Young's national industrial capital markets team, led by principals Erik Foster and Mike Wilson, along with principal John Moysey, an industrial specialist, handled the sale. The property was an original build-to-suit for FedEx, which recently extended its lease for the entire 35,000-square-foot building on a long term basis.
"FedEx has made a serious commitment to Chicago, maintaining 17 freight terminals here,” says Foster, the practice leader of the industrial capital markets group. "These types of well-located distribution centers with high-quality tenants and long-term leases will continue to command strong attention from investors."
Located in Northpoint Business Park, the building features 18' clear ceiling heights and parking for 108 cars. The building also has one dock high door, 10 drive-in doors, including two truck repair bays. It was built in 1995 and FedEx uses it for office, warehouse and maintenance functions. The pre-cast concrete building sits on 4.45 acres in Lake County and features quick access to I-94 and the 3-way interchange of Rte. 41, Waukegan Rd. and Rte. 120.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
