There’s no stopping the Chicago area industrial market, at least for now.
The latest is ML Realty Partners’ acquisition of a 302,354-square-foot warehouse in Bolingbrook, according to ReJournals. The move comes amid ML Realty’s recent expansion of its portfolio in the suburbs.
Jeff Devine and Steve Disse of Colliers International brokered the deal for the building, which is located on 999 Dalton Lane.
The property is vacant for now, but may not be for long. The sale comes during a red-hot period for industrial real estate in Chicago. During the third quarter, vacancy rates for speculative industrial spaces dropped significantly over the last two years, even as 8.8 million square feet of product came online. Experts say the industry’s low vacancy rates in conjunction with the increase in spec properties show the market’s continued appetite.
Meanwhile, ML Realty’s acquisitions is the firm’s latest in Bolingbrook. Chicago-based ML Realty also owns the three-building, 77-acre Highland Corporate Center down the road.
The company specializes in long-term investments in industrial properties. The company owns and operates 107 properties, 55 of which are in Illinois. [ReJournals] — Kelsey Neubauer