NAI Hiffman, the largest independent real estate services firm in the Midwest, today announced the sale of 5200-5230 W. Roosevelt Road, a 128,000-square-foot industrial building on Chicago’s West Side. NAI Hiffman Executive Vice President Joe Bronson, Senior Associate Josh Will and Associate Aimee Goudas marketed the property on behalf of the owner, Rola Corporation, and also procured the buyer, Clear Height Properties, a Chicago-based real estate investment and management company.
Built in 1946, the 128,000-square-foot distribution warehouse is fully occupied by Packaging Corporation of America. It includes seven loading docks, one drive-in door, and clear heights ranging from 12 to 18 feet.
“Many investors seek stabilized, fully leased buildings such as this one that are close to an abundant supply of skilled labor and near expressways for easy access to downtown Chicago and close-in suburbs,” said Bronson. “Upon securing this listing, we immediately reached out to investors with whom we have relationships. We knew this property would be ideal for Clear Height as the property’s attributes match its investment criteria.”
“We jumped at the opportunity to acquire a great asset, in a great location, with a great tenant,” said Rick Nevarez, director of acquisitions with Clear Height Properties. “The NAI team was an integral part of our success in acquiring this property.”
Situated on 4.15 acres at the corner of Roosevelt Road and Laramie Avenue, immediately north of Cicero, 5200-5230 W. Roosevelt Road is just south of I-290, offering easy access to other nearby expressways.
About NAI Hiffman:
NAI Hiffman is the largest independent real estate services firm in the Midwest, providing leasing, management, tenant representation, capital markets, project management and marketing services for institutional and private owners and occupiers of commercial real estate. It currently leases and manages an 89+ million square foot portfolio of more than 700 commercial properties throughout the region, with a primary focus on metropolitan Chicago. With more than 200 employees, NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, with more than 6,700 local market professionals managing more than 380 million square feet of property. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific. For more information, please visit www.hiffman.com.
About Clear Height Properties:
Clear Height Properties is a real estate investment, management and services firm based in Chicago. Founded in 2010, the firm has completed more than $200 million in property acquisitions throughout the Chicago metropolitan area. In addition to acquiring and managing properties, Clear Height also provides project and development services to the properties it owns and to third-party entities, including corporate users and property owners. For more information, please visit www.clearheight.com.
NAI Hiffman represented Rola Corporation in the sale of 5200-5230 W. Roosevelt Rd., a 128,000-square-foot industrial building in Chicago, and also procured the buyer, Clear Height Properties.