|The bar has (hopefully) been reset for land prices in the Naperville/ Aurora area with the sale of the 18-acre former Hines Lumber site on Frontenac Street for $3.40/SF to ILoca Trailer, a local truck and trailer supply and repair company. This is the first far-west suburban land deal over 10 acres this year and its brokers hope it represents positive momentum in the land sale business, says Cushman & Wakefield's Mike Hawyluk (he repped the seller with colleague Britt Casey).
With just a handful of shelters on the site and no connection to
municipal utilities, the land required just the right buyer but garnered
a price not far off from peak for unimproved land in the area. CBRE's Kip Hennelly repped the buyer.|