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BOLINGBROOK, IL-The insatiable demand for well-located, newer industrial properties was on display during the short marketing of 505 Crossroads Pkwy. The 200,000-sf asset in the Crossroads Business Park has been sold by a joint venture between First Industrial Realty Trust and The Carlyle Group to East Dundee-based ML Realty Partners for about $8.6 million.

The price of $43 per sf is believed to be one of the highest prices paid for bulk warehouse space in the I-55 submarket, says Trammell Crow Co. SVP of investment services Kenneth J. Szady.

“It’s a classic example of why capital likes the Chicago market,” Szady tells GlobeSt.com. “It’s a very good institutional type property. It’s a state-of-the-art, five-year-old product in the Crossroads Business Park, which is one of the best parks down there.”

ML Realty Partners had to fend off multiple offers to close on the property, Szady reports. “There’s a lot of capital chasing Chicago industrial property,” says ML Realty Partners’ Michael W. Luecht. “Once in a while, when you get real good, well-designed product, it gets heightened.”

In addition to 30-foot ceiling height, the property offers abundant trailer parking, in addition to being 100% leased, Luecht notes. “With us being a long-term holder in the Chicago market, any time anything like this pops up, we’ll jump on it,” adds Luecht, whose company is set to close on other area acquisitions shortly.

“They got a heck of a property,” says Szady, who has brokered seven industrial building sales in the last five months. “Over the last 90 days, I have closed $25 million of deals with ML Realty Partners with the same great result. Experienced transaction people, strong capital formation and focused due diligence efforts all combine to result in transactions that close on time and without any re-trading. Their ability to get a transaction closed is first rate.”

Further north, The Roberts Ecker Mock Corp. picked up a 15,000-sf building at 1424 Centre Circle in Downers Grove for $1.05 million from REM Builders. The building includes 2,000 sf of office space. Epic/Savage Realty Partners/TCN Worldwide principal David Friedland represented REM Builders while Dan Fanelli, SIOR of Darwin Realty Development represented The Roberts Ecker Mock Corp.

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