Realterm announces the acquisition of a 254,425-square-foot high flow through facility located at 7557-7575 78th Avenue, Bridgeview, Illinois. Fully leased to an e-commerce logistics user and located outside Chicago, the property sits on 22.4 acres and can draw from the more than 2.8 million workers found in the south Chicago labor force.
“Given its prime location near Chicago and long-term lease, this property is a valuable addition to Realterm’s Midwest portfolio,” said Joe Noon, Vice President, Investments Central Region.
Originally built in 1969, the property was renovated in 2020 to upgrade the office area, warehouse lighting and warehouse air conditioning, as well as to add additional loading positions and expand the parking area. The property provides 31 dock high doors, 178 car parking stalls and 488 van parking stalls.
Located minutes from I-294 and I-55, the property’s immediate access to north/south and east/west thoroughfares throughout downtown Chicago and its suburbs offers access to more than five million people within a 20 mile radius. As a result, deliveries from the property to the surrounding communities can be completed in two hours. The property is located 6.1 miles from Midway International Airport and 16.3 miles from the Chicago’s Central Business District.
“Extremely strong tenant demand for industrial space in the greater Chicago region near consumers has driven vacancy rates down and rental rates up,”said Steve Panos, Fund Manager, Realterm Logistics Income Fund. “As e-commerce continues its rapid growth trend, nationwide demand for industrial real estate will continue to rise and this property allows us to capitalize on the upswing.”
Highlights of the property include:
- Square feet: 254,425 SF
- Land area: 22.4 acres
- Doors: 31
- Access: I-294 and I-55
CBRE represented the seller in the transaction.