Grubb & Ellis Completes Disposition of Three Institutional-Grade Industrial Facilities in Chicago’s O’Hare Submarket

ROSEMONT, IL -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its Institutional Capital Markets group has completed three industrial investment sales totaling more than 465,000 square feet in Chicago’s O’Hare submarket.  Terms of the three separate transactions were not disclosed.

 In Elk Grove Village, the team of Erik Foster, CCIM, senior vice president, and Mike Wilson, associate vice president, represented an institutional investor in the sale of Tri Center, a three-building, 140,837-square-foot industrial portfolio located at 1710 to 1912 Elmhurst Road and 2532 to 2552 Pratt Blvd.

The buildings offer convenient access to I-90, I-290 and I-294 and are located at the gateway of O’Hare International Airport’s proposed expansion (top left photo).  Tri Center was purchased by Towne Investments.

 Foster and Wilson also facilitated the sale of Prospect Industrial Center, a 240,000-square-foot multi-tenant industrial facility located at 1900-2000 Carboy Road in Mount Prospect, to Brennan Investment Group on behalf of an institutional fund.  The property is leased on a long-term basis to a number of credit tenants, such as Walgreens.

The team, together with John Basile, associate vice president in the Industrial Group, represented Albion Illinois Funds, LLC, in the disposition of 2392 S. Wolf Road in Des Plaines, an 84,730-square-foot industrial/flex facility that is 100-percent leased to Unisource Worldwide, Inc., with a guarantee from Georgia-Pacific Corporation.  The facility was purchased by DCT Industrial Trust and is less than a quarter of a mile from the airport’s proposed North Cargo Entrance. 

“These transactions are definitely indicative of an uptick in investment activity in the Chicago industrial market, and we are pleased to have been able to help our clients take advantage of current market conditions,” said Foster.

“In addition to my team’s expertise in industrial investment properties, through the Grubb & Ellis platform we have access to some of the best industrial leasing brokers and debt and equity experts in the marketplace, allowing us to assess the investment sales transaction from all angles, from the leasing environment to pricing trends and debt availability.”

 Contact:  Erin Mays,  Phone: 312.698.6735

Email:  erin.mays@grubb-ellis.com