CHICAGO—Investors now consider new industrial facilities one of the best assets to own, especially ones in tight Chicago-area submarkets. Barings Real Estate Advisers, acting on behalf of an institutional client, has just purchased Bloomingdale Corporate Center, a trio of buildings in Bloomingdale, IL, just months after they were completed. The 276,250-square-foot, 20-acre industrial business park was developed by IDI Gazeley and built by Peak Construction.

Elise Couston and Adam Marshall, senior managing directors in the NGKF's Chicago office, represented Barings in the transaction, and NGKF has been awarded the property management assignment of the park. Brit Casey and Al Caruana of Cushman & Wakefield represented the seller, IDI.

Completed in the fourth quarter, the park's three buildings at 255 Madsen, 260 Madsen and 270 Madsen are 51,600 square feet, 70,650 square feet and 154,000 square feet, respectively. All three feature substantial loading docks, concrete truck courts, 30' clear ceilings, Ductilcrete floors, T-5 Lighting as well as ESFR sprinkler systems.

“High-end, industrial facilities of this size in this well-located submarket are sought after,” says Couston. “Bloomingdale Corporate Center is the ideal square footage and location to fill this void.” According to NGKF research, the vacancy rate in Central/North DuPage was 6.5%, or 110 bps below the rate for the Chicago region as a whole.

IDI Gazeley believes demand exists for buildings of all sizes in the Chicago region. The firm broke ground last summer on a 749,554 square foot industrial speculative building at 23700 W. Bluff Rd. in suburban Channahon. Company officials say they are confidant tenants will soon fill that space, one of the largest available in the region.

Located near the intersection of Army Trail Rd. and Gary Ave., the Bloomingdale business park offers easy access to I-355/I-290 and the new Illinois Rte. 390, as well as O'Hare International Airport and College of DuPage Manufacturing Technology Program.

Instant Insights /

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