CHICAGO—The I-88/Fox Valley submarket has become quite popular with industrial users, and investors are following in their wake. American Realty Advisors has just acquired the I-88 Gateway Logistics Center, a 604,565-square-foot industrial property that the Opus Group and USAA Real Estate Co. built on a speculative basis in late 2014. The price was not disclosed.
As reported in GlobeSt.com, Woodridge, IL-based Midwest Warehouse & Distribution System, Inc. quickly agreed to occupy the entire building through 2022, the submarket's largest lease of 2015.
"Overall, this is the type of core industrial property that fits very well in our portfolio," says Ray Kivett, American's managing director, investments. "The center's great location, strong tenant profile, and high quality construction are three of the factors that we believe will provide our investors with an attractive cash flow stream and overall return profile."
The property is in North Aurora about 40 miles due west of Chicago. It sits on a 32.59 acre site and has 32' clear heights, 60 cross-dock truck doors, four drive-in doors, ESFR fire protection, a fully air conditioned food grade facility, secured trailer parking with 63 trailer stalls, 46 trailer staging bays with an additional 63 future trailer stalls, and 300 parking spaces.
"The newly constructed I-88 Gateway Logistics Center features many of the optimal attributes for an industrial property, and the center is situated within one of the strongest submarkets in the region," adds Kivett.
In fact, "in 2015, the Fox Valley market experienced its largest annual leasing volume since 2011, totaling 3.1 million square feet," according to Colliers International. "This represents a 40.8% increase over 2014's total leasing volume of 2.2 million square feet." And "user demand is expected to remain strongly positive, especially due to continued tightening in the nearby I-55 Corridor pushing users to the popular Fox Valley market."
The seller was represented by Jeffery Devine and Steven Disse of Colliers.
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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.
