Brown Commercial Group negotiates 31,898-SF industrial building sale
June 29, 2022 — Brown Commercial Group, Inc. continues to see strong activity in the Kane County submarket, recently completing a 31,898-square-foot industrial building sale at 411 Stone Road in St. Charles.
Brown Commercial Group Partners Mike Antonelli and Trinity Scurto represented Premium East Properties LLC, a concrete contractor that is expanding its operation and moving from another St. Charles location. The seller, 411 Stone, LLC, was self-represented.
The Central Kane/DuPage area continues to see strong demand for industrial space and a low 3.6% vacancy. Average rents in the submarket are $7.60 per square foot, falling just below the metro average of $7.70. Rents have risen by 8.4% over the past year, well above the 4% average seen over the last three years. Investors have been very active in the submarket, which recorded an average annual sales volume of $247 million over the past five years, according to CoStar.
The Kane County submarket had 1.72 million square feet of construction completed over the past eight quarters, ending with Q1 2022, and another 2.62 million square feet in the pipeline. Approximately two million square feet is slated for delivery during 2022.
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