Duke Realty bought a 338,000-square-foot lot in suburban Chicago for about $22 million, expanding the industrial REIT’s 17 million square feet portfolio in the city.
Duke bought the site at 5301 West Roosevelt Road in Cicero from industrial supply chain solutions firm Park-Ohio Industries, Cook County property records show. Park-Ohio operated Kropp Forge, its forging and machine component division, at the location.
The Class C building, about eight miles from downtown Chicago, neighbors two Amazon industrial buildings totaling about 575,000 square feet at 1400 South Laramie Avenue.
Duke Realty didn’t comment on the Cicero site beyond saying it’s in a desirable submarket.
“Demand for logistics space at all-time highs across the country and our customers’ need for conveniently located, modern space continue to drive our acquisition and development,” said Susan Bergdoll, Duke Realty’s senior vice president and regional leader for Chicago, Minneapolis and Indianapolis.
The vacancy rate for the south suburban submarket was 9.2 percent in the fourth quarter, higher than Chicago’s overall rate of 8 percent. The asking rent was less than $4.79 per square foot, under the city’s $5.90.
Duke Realty has a footprint in more than 18 cities across the country, according to the company’s website. In Chicago, it owns 46 industrial properties and has four projects in the pipelines totaling 2.5 million square feet.
Last week, the company bought a 428,000-square-foot shuttered glass factory in Oakland for $34 million. Duke plans to combine 17 existing lots into two new lots and extend two roadways around the site.
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