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Avgeris and Associates, Inc. has acquired International Corporate Park, a 459,927-square foot two-building asset in Vernon Hills, Ill. The company partnered with The Missner Group and Wylie Capital for the redevelopment of the former American Hotel Register property. The project is expected to commence later this year, with The Missner Group as general contractor.
The new ownership paid approximately $30 million for the property, TheRealDeal reported. The same source reveals that the redevelopment project is financed by a $22 million construction loan.
American Hotel Register Co. sold the asset and was its sole tenant, according to CommercialEdge. The company is owned and operated by Consolidated Hospitality Supplies.
International Corporate Park is at 100 S. Milwaukee Ave. and currently includes a 257,927-square-foot industrial building with 34-foot clear heights. That building will remain as part of the redevelopment strategy. The new owners will also demolish an existing 202,000-square-foot office building to make way for a 900,000-square-foot industrial campus comprising four new buildings.
This would bring the property to more than 1.1 million square feet of industrial space. Together with its location, close to Interstate 94, the redevelopment is expected to attract logistics, transportation and manufacturing users, said Avgeris President Stewart Mill in prepared remarks.
The 70.4-acre site allows easy access to the area’s major transportation routes and is 21 miles from O’Hare International Airport, 35 miles from Chicago and within 43 miles Chicago Midway International Airport. This was the largest industrial site available in the area and it already produced interest from brokers and end users, said Wylie Capital’s Founder, Jason Simon, in prepared statements.
Chicago industrial sales leading the Midwest
Recent industrial acquisitions in the metro include Venture One Real Estate’s purchase of a 785,181-square-foot, two-building industrial portfolio in St. Charles, Ill. The company, in partnership with Kovitz Investment Group, paid $50.2 million for the property.
In November 2023, Hines acquired the Chicago Prime Portfolio, a 1.1 million-square-foot industrial campus in Chicago’s suburb of Melrose Park, Ill. The portfolio consists of two industrial facilities that are fully occupied by three logistics tenants, with Hines to also serve as property manager.
Industrial sales in Chicago amounted to just under $2 billion on a year-to-date basis through November, a recent CommercialEdge report shows. The metro remained the leader in sales volume across Midwestern markets, while ranking fifth among gateway metros. Properties traded on average for $89 per square foot.
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