Sale price is nearly double what property sold for 16 months ago
NAI Hiffman, the Midwest’s leading independent commercial real estate firm, today announced it brokered the sale of a 4-acre industrial outdoor storage property at 2351 Powis Road in West Chicago, Ill., for $4.225 million. The property includes 11,000 square feet of shop/fabrication space in two buildings, a paved, fenced concrete yard, and mobile office trailer. A truck scale is also on-site.
The brokerage team, including NAI Hiffman Executive Vice Presidents Kelly Disser and Michael Freitag, Senior Associate Bill Byrne and Associate Broker TJ Feeney, represented the seller, a private investor group the Disser/Freitag team also represented in the original September 2023 acquisition, when the property traded for $2.4 million.
“By securing a user in 2024, we were able to significantly raise the value of the property,” said Disser. “The would-be tenant ultimately determined it preferred to own the asset rather than lease it, and we were able to negotiate a sale price nearly double what the owner paid for the property just 16 months ago.”
Constructed in 1993, 2351 Powis Road is zoned for office, research and light industrial uses with a planned unit development overlaid that permitted certain outdoor storage uses.
“This property is a unique asset with valuable zoning and infrastructure,” said Disser. “The same attributes that made it attractive during our initial acquisition and also from a leasing perspective are why the tenant ultimately decided to purchase its own space.”
Industrial users located in the Fox Valley submarket, which spans DuPage and Kane counties, benefit from a central location and strong labor base. The purchaser is relocating from Villa Park, Ill. The Fox Valley submarket ended 2024 with 1.8 million square feet of new leasing activity, up from 1.6 million square feet in 2023, according to NAI Hiffman research.
About NAI Hiffman:
NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is an award winning company headquartered in suburban Chicago, with more than 250 employees strategically located throughout North America.
2351 Powis Road: NAI Hiffman recently brokered the sale of 2351 Powis Road in West Chicago, Ill., for $4.225 million. (Credit: Google Earth)