LBA Realty acquires suburban warehouse for $15M


The California-based firm’s deal for the Hillside property gives it another piece of the hot Chicago industrial market

Chicago /
Oct.October 31, 2018 05:15 PM

LBA Realty Principal Perry Schonfeld

LBA Realty picked up a suburban warehouse property for $14.8 million, adding to its holdings in the booming Chicago-area industrial market

The Irvine, California-based company bought the 43,000-square-foot warehouse at 4100 Madison Street in Hillsdale from John Hancock Life Insurance Company, according to Cook County property records.

No mortgage was recorded for the deal.

With vacancy rates dropping and rents jumping, investment sales of Chicago-area industrial properties could set a new record this year.

Nationwide, demand for warehouse space is at an 18-year-high, and a flurry of local warehouse leasing activity has caused developers to get back into the market.

LBA Realty, which specializes in industrial investment and development, owns properties in Bensenville and Hanover business parks, according to its website.

The deal with LBA marks another Chicago-area sale for John Hancock. In June 2017, the insurance giant sold 150 North Michigan Avenue to CBRE Global Investors for $129 million, one of the biggest investment sales of the year.

John Hancock also gave up its naming rights to the iconic skyscraper at 875 North Michigan Avenue before Chicago developer Hearn sold the office and parking portions of the building in July to Sterling Bay for more than $300 million.


Related Articles

arrow_forward_ios
500 N. Michigan Avenue (Google Maps)
Owner shops Mag Mile office tower for residential uses
Owner shops Mag Mile office tower for residential uses
151 N. Michigan Avenue, Chicago (Loopnet, Illustration by Kevin Cifuentes for The Real Deal)
Developer plans 3-story building in lieu of tower at long-vacant Millenium Park
Developer plans 3-story building in lieu of tower at long-vacant Millenium Park
4300 Brandon Road in Joliet (Loopnet, iStock)
Chicago industrial inventory collapses to record low, development sets record high
Chicago industrial inventory collapses to record low, development sets record high
Citadel's Ken Griffin (Getty, iStock)
Griffin’s Citadel debates Chicago exit due to crime
Griffin’s Citadel debates Chicago exit due to crime
Preservation Chicago's Ward Miller and Century Building (Tdl1060/ CC BY-SA 4.0 via Wikimedia Commons, LinkedIn)
Preservationists push to save Chicago’s Century, Consumers towers
Preservationists push to save Chicago’s Century, Consumers towers
A photo illustration of 105 West Adams Street (top right) and the Chatham Village Square shopping center (bottom) (LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Chicago landlord Tadros files for bankruptcy with $22M mortgage at stake
Chicago landlord Tadros files for bankruptcy with $22M mortgage at stake
Baxter CEO ​José (Joe) E. Almeida and 1 Baxter Parkway, Deerfield, IL (Google Maps, Baxter)
Medical products company lists 101-acre suburban Chicago office campus
Medical products company lists 101-acre suburban Chicago office campus
5200 West Roosevelt Road in Chicago, Clear Height Properties CEO Dominic Sergi and 130 East Street Charles Road in Carol Stream (Google Maps, Clear Height)
Amazon pullback, rising rates fail to cool Chicago industrial market
Amazon pullback, rising rates fail to cool Chicago industrial market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...