Industrial N Illinois

Colliers arranges sale of 462k SF business park

Working on behalf of New York Life Investment, Colliers International I Chicago has arranged the sale of Green Oaks Business Center, a three-building, Class A industrial portfolio in Green Oaks, IL, in Chicago’s far northern suburbs. The buyer was a commingled fund managed by Dermody Properties. Sale price was not disclosed.

Totalling 462,300 square feet and sitting on almost 25 acres, the buildings are the 197,982-square-foot 13820 Business Center Drive, 13825 Business Center Drive which is 198,343 square feet and the 65,975-square-foot 13950 Business Center Drive.

The Green Oaks Business Center facilities offer 24-foot to 28-foot warehouse ceiling height, ESFR sprinkler systems, 48 docks and parking for 270 cars. Located just east of the two-way highway interchange at Route 176 and I-94, the portfolio has been a high performing collection of buildings in Lake County for over 20 years. At the time of sale the buildings were 86% leased to five tenants. Colliers Principals Jeff Devine and Steve Disse represented New York Life Investment in the sale.