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.
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.