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This 75,000-SF industrial building at 776 N. Oaklawn Avenue in Elmhurst, IL, a western suburb of Chicago, was sold for $5.4 million.
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OAKBROOK TERRACE, IL — NAI Hiffman,
the largest independent real estate services firm in the Midwest, announced it
brokered the $5.4 million sale of a 75,000-square-foot industrial building at
776 N. Oaklawn Ave. in Elmhurst, Ill., a western suburb of Chicago.
The NAI Hiffman team of Executive Vice President Joe
Bronson, Senior Associate Josh Will and Associate Aimee Goudas
represented the buyer, Elk Grove Village, Ill.-based Haskris Co., a
manufacturer of refrigeration and heating equipment.
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| Vickie C. Soupos |
Vickie
C. Soupos, of the Colovos/Soupos Group at RE/MAX Destiny
in Elk Grove Village, Ill. represented the seller, Dorothy Stojka.
“This is one of the largest industrial-user sales ever to take
place in Elmhurst, demonstrating that demand remains strong for warehouse
properties in this optimally located submarket,” said Bronson.
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| Aimee Goudas |
“Over the past
15 years, there have only been three other industrial-user sales that took
place with larger square footage.”
Located just off W. Lake St., the building has ceiling
heights of 18 feet and includes approximately 10,000 square feet of two-story
office space with private offices, conference rooms, a kitchenette area and
access to the warehouse, which totals 65,000 square feet of fully
air-conditioned space.
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| Joe Bronson |
“The Elmhurst industrial market is benefiting due to the
lower occupancy costs and tax savings industrial users realize throughout
DuPage County,” said Bronson. “This sale shows that the price per square foot
in both Elmhurst and DuPage County remain competitive and of high value, even
in second-generation, lower-clear buildings.
"I
believe that the greater Chicago industrial market will continue to record
strong activity for the balance of 2020.”
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| Josh Will |
According to NAI Hiffman research, Chicago’s overall
industrial vacancy rate ended the fourth quarter at 5.79%, with 20.6 million
square feet of warehouse space under construction at year-end 2019.
Despite
the surge in supply, industry demand remains strong, according to the NAI
Hiffman data, with new leasing activity totaling 10.58 million square feet in
the fourth quarter.
The
Central DuPage submarket was one of the more active submarkets in the Chicago
metro area during the fourth quarter, with 1.2 million square feet in new
leasing activity and weighted average net rental rates of $6.79 per square
foot.
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| O’Hare International Airport, Chicago, ILL |
Built in 1983 and situated on 3.49 acres, 776 N. Oaklawn
Ave. provides two exterior docks (expandable to six docks) and two drive-in
doors, along with 100 parking spaces.
It
is centrally located in DuPage County near I-290 and I-294. In addition to its
ideal proximity to a highly skilled labor force, the building also provides
easy access for distributing goods to Chicago’s MSA of 9.5 million people.
It is one mile from the I-290/Route 83
interchange, 2.5 miles from the Elmhurst Station commuter rail and 10.7 miles
from O’Hare International Airport.
CONTACTS:
Patty
Cronin, pcronin@taylorjohnson.com, (312) 267-4513
Gretchen
Muller, gmuller@taylorjohnson.com, (312) 952-4802
