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This Week's Chicago Deal Sheet (June 6, 2021)

This Week's Chicago Deal Sheet (June 6, 2021)
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Colliers brokers sale of industrial property in O'Hare submarket


May 14, 2021
Colliers International Chicago’s Jeff Devine and Steve Disse represented CA Ventures in the sale of 500 E. Devon Ave. to a fund managed by Goldman Sachs for an undisclosed price. 
Completed in 2020, 500 E. Devon Ave. is a 146,029-square-foot distribution center with 32’ clear ceiling height and generous loading accommodations.  The multi-tenant, small bay facility provides immediate access to the U.S. interstate network and O’Hare International Airport. It attracts a wide pool of industrial users who, in turn, draw from the broad local labor market.
The building was 71% leased to three tenants at closing.  Colliers International will continue to represent the new owner on the remaining 42,000 square feet.  ....

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This Week's Chicago Deal Sheet (April 4, 2021)


One year after the start of the coronavirus pandemic, the Chicago-area industrial market’s vacancy and rental rates have nearly returned to pre-pandemic levels, according to a new report from Newmark.
Although the industrial sector took a hit in the first few weeks of the crisis, it began climbing back once the shock wore off and tenants saw increased demand from homebound consumers purchasing goods online. Many resumed signing leases, sending vacancy down to 6.2% in Q1 2021, a decade low, and recently have shown a willingness to pay more for space.
Courtesy of Newmark
“This sentiment of only a slight dip in the market as opposed to a full long-term stop is reflected in the rental rates on transactions completed during the pandemic,” according to the Newmark report. ....

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