CHICAGO—CenterPoint Properties has just sold a 263,668 square foot industrial building located at 2425-2553 Edgington St. in suburban Franklin Park near O'Hare International Airport, a transaction that illustrates how in today's competitive market, even older properties like this can find buyers.
Although the buyer and price was not disclosed, Cook County records show that Edsal Manufacturing Co., a Chicago-based furniture and fixture company, paid a little more than $5.8 million.
“The market is on the upswing,” Rick Daly of Darwin Realty & Development Corp., tells GlobeSt.com, “and this is an opportunity to own in an area where rents are rising even for space in older properties.” Daly, Noel Liston, and Jeff Provenza, all of the Elmhurst, IL-based Darwin, represented CenterPoint. Cushman & Wakefield's Larry Goldwasser and Colin Green represented the buyer.
Daly adds that with such a tight market, it is difficult to purchase buildings in this size range, especially since many are owned by institutional investors. “When they do come up for sale, properties like this are in very high demand,” especially by users who are considering expansions and “want to take advantage of the low-interest rate environment.”
Edsal officials have not made any final decision, but it's possible they will occupy the vacant portion of their new acquisition. Prior to completion of the sale, Daly says Darwin arranged a 52,000 square foot lease within the building to a new tenant, Sutton Transport, bringing the occupancy up to 75%. “That definitely assisted in the sale of the property.”
Part of the reason Edsal was drawn to this area is the robust level of leasing activity. According to Colliers International, the vacancy rate in the submarket has dropped for eleven consecutive quarters. By the end of the second quarter, the rate measured just 5.45%, down 52 bps from the first quarter rate of 5.97%. Vacancy in this market has declined 219 bps over the past year, the data show.
Situated on 13.43 acres, the building was constructed in 1955, although Daly says one portion was added just seven years ago. It features heavy electric power, heavy loading, and food grade cooler space.
“CenterPoint was very pleased with the sale,” Daly adds, “since they can now deploy the proceeds into newer assets.”
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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.
