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Glen Una Management Co. just joined the rush of investors looking to stake a claim in the O'Hare Airport submarket, one of the most active in the Chicago region's industrial sector.
The San Francisco-based firm purchased a 182K SF industrial portfolio at 1900-2000 Carboy Drive in Mount Prospect, Illinois, just north of O’Hare, according to Avison Young officials who negotiated the sale. Tenants have leased 90% of the property.
"Investors continue to focus on the O’Hare industrial market, which has seen significant investment, leasing and development activity in recent years,” Avison Young principal Erik Foster said.
Along with his colleagues Mike Wilson, Chris Lydon and Chris Tecu, Foster represented the owner, Chicago-based Brennan Investment Group. Financial terms were not disclosed.
The 8.2-acre property was seen as especially desirable because it will have a quick connection to the airport upon completion of the Elgin-O’Hare Expressway expansion.
The submarket saw 418K SF of net absorption in 2019 through May 20, according to CoStar research. That follows 1.6M SF of net absorption in 2018 and 1.5M SF the previous year. The vacancy rate stands at only 6.3%.
The strength of the Chicago region has kept investor interest high.
According to Real Capital Analytics, in addition to the Carboy Drive sale, 91 industrial properties totaling 12.3M SF were sold just in this year's first quarter.
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