Cordoba Properties acquires 100,000-square-foot industrial property within O’Hare submarket
OAKBROOK TERRACE, IL (December 19, 2016) – NAI Hiffman is proud to announce the sale of 516-554 N York Road, a 100,000-square-foot industrial complex in Bensenville, Illinois.
NAI Hiffman Senior Vice President, John Whitehead, represented the buyer, Cordoba Properties, in the transaction. Cordoba, a private investor, was looking to diversify its holdings.
516-554 N York Road features approximately 1,500 to 3,000 square feet of built-in office space, 16’ clear ceiling height, 200-600 amps, and one dedicated exterior dock per unit.
At the time of purchase, the building was 85 percent occupied. Whitehead, along with NAI Hiffman Associate, Josh Will, have been retained to lease the remaining 15,000 square feet of vacancy. While the building remains in good condition, ownership plans for improvements to the office space and individual units on an as-needed basis.
“The new owner is excited to own an O’Hare asset so close to the airport,” Whitehead said. “The varying unit sizes give Córdoba and Hiffman flexibility to see many different prospects, which should result in increased occupancy quickly.”
Located within the O’Hare submarket, 516-554 N York Road is within close proximity to the proposed O’Hare West entrance, as well as the I-294 tollway and Interstate 90.
“Bensenville has a very low vacancy rate, currently and historically, and is in DuPage, which makes the location even more exciting due to its lower taxes,” Will added.
About NAI Hiffman
Comprised of over 150 real estate professionals, NAI Hiffman provides leasing, management and investment sales representation for owners and occupiers of commercial real estate in the Chicago metro market. It currently leases and manages a 54+ million SF portfolio of over 500 commercial properties throughout metropolitan Chicago, Northwest Indiana and Southeast Wisconsin. NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. For more information, please visit www.nainaihiffmandev.wpengine.com.
Mentioned in RE Business Online; REjournals.com