ROSEMONT, ILL. /Realty Wire/ JUNE 07, 2023 — Conor Commercial Real Estate together with their partner, Globe Corporation, are pleased to announce the sale of Executive Commerce Center in Prospect Heights, Illinois. This 151,677-rentable-square-foot industrial building was developed in 2020 and fully leased in 2021.
“Executive Commerce Center’s Class A design, access to transportation routes, infill location proximate to O’Hare Airport, and strong local labor force make the building a very attractive investment opportunity,” noted Brian Quigley, Executive Vice President at Conor. “Additionally, the development is 100 percent leased to two high-quality, credit tenants who signed leases at 2021 rates, making for a significant mark to market opportunity to increase yield.”
The building was fully leased to two tenants at the time of sale. Syncreon, a third-party logistics provider for Samsung, leased the west half of the building for warehouse and distribution space, and Plitek, a local manufacturer of precision die cut components and converted materials, leased the east half as their company headquarters and manufacturing facility.
The site boasts logistical advantages with convenient access to major highways, just five minutes from the full four-way interchange of I-294 at Willow Road and 15 minutes from I-290/I-355.
In addition, it is located 1.3 miles from the Prospect Heights Metra Station and 15 minutes from O’Hare International Airport. Its positioning next to Chicago Executive Airport also provides the option for private aviation.
The development incorporates 151,677 square feet on a 10-acre site. The building features a 32′ clear height, 52′ x 56′ column spacing, 7″ concrete floors, 35 truck docks, two drive-in doors, and a 60′ speed bay. The site also offers tenants a Class 6B tax incentive.
Conor was represented in the sale by Ed Halaburt and John Huguenard of JLL, while Mike Sedjo, Jack Brennan, and Ben Dickey from CBRE served as Conor’s leasing brokers.
The design-build team of McShane Construction Company and Ware Malcomb provided comprehensive design and construction services for Executive Commerce Center while Wintrust provided construction financing.