Industrial portfolio sells in suburban AddisonBrown Commercial Group
MARCH 10, 2021
Brown Commercial Group has negotiated the sale of a two-building industrial portfolio, totaling 37,725 square feet, at 1395 and 1401 Jeffrey Dr. in Addison, Illinois, a western suburb of Chicago. Brown Commercial Group President Dan Brown and Partner Mike Antonelli represented the buyer, a private investor. Jennifer Sosko of ReMax represented the seller, Lakeside Screw Products, Inc. The seller was expanding its business and wanted to dispose of these two assets.
The buildings are in the Addison Industrial Park in DuPage County. Both are ideal manufacturing or warehouse/distribution facilities with close proximity to main highways.
The Chicago industrial market saw significant activity in 2020, despite periods of slowing momentum due to the pandemic. According to Q4 2020 research from Colliers International, net absorption was positive during all four quarters of 2020, and totaled 14.2 million square feet for the year. Although this is below the 2019 total of 21.4 million square feet, net absorption surged during the final quarter of 2020, totaling 5.5 million square feet.
In Central DuPage County, where the Jeffrey Drive portfolio is located, the vacancy rate increased in 2020, yet remained historically low at 4.68 percent. This is notably lower than the overall Chicago industrial market vacancy rate of 6.73 percent. DuPage County’s low tax structure, compared with Cook County, has been a draw for many businesses in the area.
See IL RE Journals for more.