CHICAGO—Demand is intensifying for industrial properties in the Chicago metro area, but few submarkets can match the demand for space now happening around O'Hare International Airport, and both coastal and foreign investors are looking for deals. XEBEC Realty Partners, for example, a private commercial real estate investment firm based in Seal Beach, CA, has just purchased a 73,246-square-foot industrial building at 800-820 Thorndale Ave. in Bensenville. The sale price was not disclosed.

Sales like this have become common, even for class B buildings. As reported in GlobeSt.com, Westmount Realty Capital, LLC and Switzerland-based Partners Group just purchased an industrial portfolio that includes 14 class B properties located near the airport.

Avison Young principals Erik Foster and Mike Wilson negotiated the sale of 800-820 Thorndale Ave. on behalf of the seller. The fully-leased building, which was owned by an institutional investor, is located along the western entrance to the airport.

“Chicago's O'Hare market continues to draw investors because of its superior location and importance to the nation's supply chain,” says Foster, the practice leader of the firm's industrial capital markets group. “This property was in high demand because of its strong tenancy, prime location and the limited supply of product that meets the requirements of national investment firms.”

The building has a strong roster of stabilized tenants. Among the tenants are Gogo LLC, an in-flight aviation technology company; Pharmerica, a healthcare supplier; Leman USA, a global transportation and logistics firm; and Black and Decker, a global tool manufacturer. These four tenants occupy 75% of the building.

“The property's location is ideal for national and regional transportation and logistics companies due to its proximity to O'Hare and Chicago's major transportation corridors: I-90, I-290, I-294 and I-355,” adds Foster.

Located in a business park setting on 5.56 acres near Rte. 83 and Busse Rd., the brick and concrete building features 30-foot by 30-foot column spacing and 25 dock doors.

Instant Insights /

O'Hare Industrial Properties Draw in Investors

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