X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ELK GROVE VILLAGE, IL-ML Realty Partners, based in Itasca, IL, has acquired a 251,076-sf industrial building at 2801 Busse Rd. ML Realty acquired the property from a partnership of Australia- based Mirvac and CenterPoint Properties, based in Oak Brook, IL.

The building is at the intersection of Busse Road and Thorndale Avenue and is adjacent to the 251,076-sf building at 2701 Busse Rd. The two buildings were constructed by CenterPoint in 1997, says Michael Luecht, president and CEO of ML Realty. His firm bought the 251,076-sf 2701 Busse Rd. as part of a 21 building industrial portfolio, with a total of approximately 1.9 million sf, that was acquired for $122 million from CenterPoint Properties, as previously reported by GlobeSt.com. The building at 2801 Busse Rd. has 30 feet clear heights and 32 exterior dock doors. The building is currently vacant and the building at 2701 Busse Rd. is approximately half-occupied by Kennanetal, with the lease to expire soon, and the other half is occupied by a tenant on a month to month basis. The asking lease rate for the two buildings is $7.25 per sf, net, Luecht tells GlobeSt.com.

The buildings are in the O’Hare submarket and are near the planned western entrance at O’Hare International Airport. “To have two of the best-designed buildings in the O’Hare market, for the long-term, is part of our strategic plan,” Luecht says. The properties are also located in DuPage County, which typically has lower real estate taxes than Cook County, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.