Industrial N Illinois

Avison Young named exclusive listing agent for industrial portfolio as O’Hare submarket continues to be hot

Avison Young named exclusive listing agent for O’Hare industrial portfolio,ph02
1900 Carboy Drive, Mount Prospect

Avison Young was recently awarded the exclusive sale listing for a 211,254-square-foot industrial portfolio at 1900-2000 Carboy Drive in Mount Prospect, Illinois, just north of O’Hare International Airport. The two-building, multi-tenant portfolio is currently 90 percent leased.

Avison Young principals Erik Foster and Mike Wilson, based in the company’s Chicago office and members of the firm’s national industrial capital markets group, are representing the owner, Chicago-based Brennan Investment Group.

“This portfolio offers investors a rare opportunity to gain entry into the strong O’Hare market with a well-leased portfolio that provides stable, long-term cash flow,” said Foster. “The portfolio includes a diversified and entrenched tenant roster with staggered lease end dates to reduce expiration exposure.”

The Carboy Drive portfolio is located on 8.23 acres in the 99-million-square-foot O’Hare submarket. Tenants in these two buildings benefit from proximity to Algonquin Road, I-90, and the Union Pacific Rail Line. The property will also soon connect with O’Hare International Airport upon completion of the Elgin-O’Hare Expressway expansion.

According to research from Avison Young, there were 11 industrial investment sales in the O’Hare market totaling 909,195 square feet, with a transaction volume of $57 million, from July 1, 2018 to Aug. 31, 2018. This activity already outpaced last quarter which saw 10 transactions, representing 822,089 square feet, with a transactional volume of $49 million.

Leasing activity has also remained strong in the O’Hare market in the third quarter, with 43 leases signed, totaling 520,566 square feet, during the same time period. On the development side, there have been two buildings delivered within the submarket, totaling 559,587 square feet. This already surpassed last quarter, which saw one building delivered that totaled 95,962 square feet.

As the third quarter nears completion, the O’Hare industrial market continues to draw investors looking to capitalize on market fundaments, which include significant tenant demand that has pushed the vacancy rate down to 4.4 percent.

Avison Young named exclusive listing agent for O’Hare industrial portfolio,ph01
2000 Carboy Drive, Mount Prospect.