Avison Young has sold an industrial infill property at 455 E. North Avenue in Chicago’s Central DuPage submarket for $9.4 million on behalf of seller Danco Properties, LLC, to a private buyer. The 110,000-square-foot property is occupied by Pregis Corporation.
Danco Properties was represented by Avison Young Industrial Capital Markets Principals Erik Foster, Mike Wilson, and Chris Lydon, SIOR. “Central DuPage is one of the tightest industrial submarkets in the U.S., and with the property’s 3.10% vacancy rate, this facility was on the radar of both investors and users alike,” said Wilson. “This is a uniquely positioned asset for a user given its 100,000-plus square footage, accessibility and visibility to North Avenue and above average power supply.”
According to Avison Young, infill development in Chicago continues to track investor and developer interest, especially within submarkets in urban areas inundated with older buildings and short on available land. Over the past year, the proportion of the Chicago industrial development pipeline dedicated to build-to suit projects increased significantly, rising from 30% to 57%.
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