CHICAGO — CBRE has arranged the sale of a two-building, 1.1 million-square-foot industrial campus located at 4700-4800 Proviso Drive and 5000 Proviso Drive in Chicago. The properties are located in the Melrose Park neighborhood on the west side of the city.
The site is located roughly 10 miles from O’Hare International Airport and is also near the Union Pacific Intermodal railway and the interchange of interstates 290 and 294. According to data from CBRE, the O’Hare submarket had an industrial vacancy rate of 2.4 percent as of the third quarter.
Houston-based Hines purchased the campus for an undisclosed price. Zach Graham, Michael Caprile and Joe Horrigan of CBRE represented the unnamed seller in the transaction.
The campus was fully leased at the time of sale, with a single logistics user that has been in place for approximately 20 years occupying each of the three spaces.
Building features include 32- and 35-foot clear heights, one dock per 5,000 square feet of space, 159 trailer parking stalls and the capacity for dual rail loading. Hines plans to implement a value-add program to make improvements at the property.
“This transaction represented a compelling opportunity given its strategic infill location in the densely populated O’Hare submarket, which is supported by a strong labor pool and proximity to major highway and rail arterials,” says Will Renner, senior managing director at Hines.
— Taylor Williams