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

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

The FedEx distribution center and Cabot Properties CEO Franz F. Colloredo-Mansfield (Credit: Google Maps, iStock)

How hot is last-mile in Chicago? This $52M Loop deal says it all.

PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

Amazon CEO Jeff Bezos and Hillwood Investment Properties’ 3639 Howard Street in Skokie, Illinois (Credit: Getty Images and Hillwood Investment Properties)

Amazon, with an insatiable appetite for warehouse space, appears to make big play in Skokie

Chicago casino operator probably won’t make much money, Tishman Speyer poaches JLL broker: Daily digest

Logistics Property Company Executive Vice President Aaron Martell and renderings of the company’s planned Addison warehouse project.

Warehouse developer makes a big play for rare dev site in DuPage County

From left: Christopher Volkert, Brian Kling, and the property (Credit: Colliers International)

One of the year’s biggest industrial deals just got done in DuPage County

Homes in Chicago's Archer Heights neighborhood (Credit: iStock)

Chicago Cheat Sheet: Chicago home value growth hits 3-year low, another suburban corporate exodus…& more

From left: Huntley Mayor Charles Sass, Prime Group CEO Michael Reschke and the project site (Credit: Google Maps)

Chicago Cheat Sheet: Developer suing village over outlet mall, ex-Bear Lance Brigg’s homes sell in foreclosure…& more