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Distribution Realty, Everwest selling nearly 1M sf industrial portfolio near O’Hare
The duo is seeking more than $90M for the 8-building complex
Distribution Realty Group and Everwest Real Estate are selling a 956,000-square-foot industrial portfolio near O’Hare International Airport, hoping to cash in on investors looking for a piece of the hot submarket around the airport.
The eight-building Regent O’Hare portfolio covers 56 acres and is roughly bounded by Higgins, Busse and Landmeier roads in Elk Grove Village. The joint venture is seeking at least $90 million. The buildings range in size from 21,000 to 501,000 square feet.
The complex is 93 percent leased, according to marketing materials from Colliers International, which is listing the properties.
The brokerage said infrastructure improvements around O’Hare are eliminating some competing industrial properties, giving the buyer the opportunity to raise rents, Colliers said.
The overall Chicago industrial market has been hot, with rents hitting a record high in the second quarter.