Investors Get Industrious in the Windy City
- Jul 10, 2015
A three-building industrial asset in suburban Chicago landed itself a new owner.
HFF managed to arrange both the sale and financing of the 127,642-square-foot O’Hare Business Center flex facility in Mount Prospect, Ill. A partnership between Principal Global Investors and Morgan Realty Partners sold the asset to a joint venture between Clear Height Properties and R2 for $6 million, free and clear of debt.
HFF represented both parties in the transaction while also securing $4.6 million in financing for the multi-tenant facility. According to a news release, HFF placed the five-year, fixed-rate loan with Oxford Bank & Trust.
The three one-story buildings that make up the O’Hare Business Center are situated on 7.45 acres at 401-411 W. Algonquin Road and 1840-1864 and 1870-1894 S. Elmhurst Road. The property is conveniently located in an area adjacent to Chicago’s O’Hare International Airport and provides easy access to I-90, I-190 and I-294.
The asset incorporates 28 units averaging 4,500 square feet, 16 drive-in doors, 14 interior dock platforms, and is currently 82 percent leased to 20 tenants. The property also provides 159 parking spaces. The HFF investment sales team representing the seller was led by managing director Patrick Sullivan and real estate analyst Ryan Chambers, while the debt placement team representing the buyer was led by managing director Christopher Carroll, associate director Jason Bond and real estate analyst Nicole Schmidt.
Image courtesy of HFF