NAI Hiffman Brokers $5.4 Million Sale of 75,000-Square-Foot Warehouse Building in Elmhurst, Ill., Western Suburb of ChicagoApril 24, 2020
NAI Hiffman, the largest independent real estate services firm in the Midwest, today announced it brokered the $5.4 million sale of a 75,000-square-foot industrial building at 776 N. Oaklawn Ave. in Elmhurst, Ill., a western suburb of Chicago.
The NAI Hiffman team of Executive Vice President Joe Bronson, Senior Associate Josh Will and Associate Aimee Goudas represented the buyer, Elk Grove Village, Ill.-based Haskris Co., a manufacturer of refrigeration and heating equipment. Vickie C. Soupos, of the Colovos/Soupos Group at RE/MAX Destiny in Elk Grove Village, Ill. represented the seller, Dorothy Stojka.
“This is one of the largest industrial-user sales ever to take place in Elmhurst, demonstrating that demand remains strong for warehouse properties in this optimally located submarket,” said Bronson. “Over the past 15 years, there have only been three other industrial-user sales that took place with larger square footage.”
Located just off W. Lake St., the building has ceiling heights of 18 feet and includes approximately 10,000 square feet of two-story office space with private offices, conference rooms, a kitchenette area and access to the warehouse, which totals 65,000 square feet of fully air-conditioned space.
“The Elmhurst industrial market is benefiting due to the lower occupancy costs and tax savings industrial users realize throughout DuPage County,” said Bronson. “This sale shows that the price per square foot in both Elmhurst and DuPage County remain competitive and of high value, even in second-generation, lower-clear buildings. I believe that the greater Chicago industrial market will continue to record strong activity for the balance of 2020.”
According to NAI Hiffman research, Chicago’s overall industrial vacancy rate ended the fourth quarter at 5.79%, with 20.6 million square feet of warehouse space under construction at year-end 2019. Despite the surge in supply, industry demand remains strong, according to the NAI Hiffman data, with new leasing activity totaling 10.58 million square feet in the fourth quarter. The Central DuPage submarket was one of the more active submarkets in the Chicago metro area during the fourth quarter, with 1.2 million square feet in new leasing activity and weighted average net rental rates of $6.79 per square foot.
Built in 1983 and situated on 3.49 acres, 776 N. Oaklawn Ave. provides two exterior docks (expandable to six docks) and two drive-in doors, along with 100 parking spaces. It is centrally located in DuPage County near I-290 and I-294. In addition to its ideal proximity to a highly skilled labor force, the building also provides easy access for distributing goods to Chicago’s MSA of 9.5 million people. It is one mile from the I-290/Route 83 interchange, 2.5 miles from the Elmhurst Station commuter rail and 10.7 miles from O’Hare International Airport.
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.