Brown Commercial Group negotiates O’Hare submarket industrial saleBrown Commercial Group
JULY 6, 2021 — Brown Commercial Group negotiated a three-building industrial portfolio sale totaling 40,000 square feet in Chicago’s O’Hare submarket.
Brown Commercial Group Senior Broker Mason Hezner represented a private investor in selling buildings at 825-835 Touhy Ave., 855 Touhy Ave., and 875 Touhy Ave. in Elk Grove Village, IL to Sawmill Property Company. All three buildings have been leased on a long-term basis by Centech Plastics, Inc., a plastic injection molding company.
The sales price was $2.29 million.
The buyer was represented by John Joyce and Danny Vanecko of SVN Chicago Industrial.
“Investors continue to search for well located industrial buildings that can provide a strong, long-term return,” Hezner said. “These assets were ideally located in the sought-after O’Hare submarket, which continues to see strong demand from investors and tenants.”
The O’Hare industrial submarket had 4 million square feet of net absorption over the past year, according to CoStar research through June of 2021. The submarket also had a 5.2% increase in rent growth in the past year. And, robust demand has fueled an increase in new supply, with approximately 1.9 million square feet of space delivered during the same time frame.
The buildings in this portfolio were owned under the following entities: Raba Management LLC (825-835 Touhy Ave., a 15,000-sf building), Duna Management LLC (855 Touhy Ave., a 12,500-sf building), and Roka Management LLC (875 Touhy Ave., a 12,500-sf building).
As featured in REJournals.com.