The property at 455 E. North Avenue in Carol Stream, IL sold for $9.4M

Chicago, IL – Global commercial real estate advisor Avison Young has sold an industrial infill property at 455 E. North Avenue in Chicago’s Central DuPage subarket for $9.4 million on behalf of seller Danco Properties, LLC to a private buyer. The 110,000-square-foot (sf) property is occupied by Pregis Corporation.

Danco Properties, LLC 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.”

Infill development in Chicago continues to track investor/developer interest, especially within submarkets in urban areas inundated with older buildings and short on available land. “The Central DuPage industrial submarket is comprised of 1,030 buildings totaling 65 million-square-feet (msf) and has remained one of the most stable within the Chicago market,” said Foster.

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%. This shift is largely driven by companies with specialized requirements or the desire to own their real estate who are electing to go the build-to-suit route. Meanwhile, speculative construction continues to decrease due to the ongoing challenges in securing construction financing in the current economic climate, making existing assets more attractive for buyers.