Transwestern Development Co. sells 178,500 SF industrial building in O’Hare submarket trades

Transwestern Development Co. (TDC®) today announces it has sold a 178,516-square-foot industrial property on behalf of TDC Franklin Park Partners I LLC, a partnership with one of Transwestern Investment Group’s (TIG®) accounts. The building, which is located at 9100 Belmont Ave. in Franklin Park, Illinois, was acquired by a global real estate investment manager.

“We saw an opportunity to capitalize on the continued robust demand for quality, modern infill distribution space,” said Kevin Mohoney, Vice President at TDC. “This property presented a compelling opportunity to acquire a newly constructed, state-of-the-art facility in Chicago’s top performing submarket, and we’re thrilled that our successful exit has delivered a significant return for our equity partner.”
The sale marks the culmination of TDC’s successful assemblage of three off-market sites in 2018 that created a compelling 10.5-acre infill redevelopment site in the O’Hare submarket. With the shell completed in December 2018, the building features a 32-foot clear height, low Cook County 6b taxes and premier visibility at the corner of Belmont Avenue and River Road. Further, with its location immediately southeast of O’Hare International Airport, the building provides access to a deep and talented labor pool and outstanding proximity to both local and regional transit.
The U.S. industrial market continues to perform well with strong demand coming from both third-party logistics providers and e-commerce tenants. With industrial vacancy rates at historical lows, rents continue to increase and are projected to grow by 5% in 2020. Accordingly, there continues to be strong demand for industrial product from both tenants and investors alike.
TDC’s National Logistics Group develops both speculative and build-to-suit industrial projects, primarily in major distribution markets, with expertise in intermodal logistics, e-commerce, port strategy, sustainability and municipal incentives. TDC remains incredibly active with over 860,000 square feet of modern distribution space currently under construction in the Chicago area, including the following projects:
• 640 N. Central Ave. in Wood Dale, 159,000-square-foot speculative distribution facility estimated for completion in May 2020
• 800 N. Route 83 in Wood Dale, a 301,000-square-foot build-to-suit project for Nippon Express USA Inc., which is estimated for completion in December 2020
• 375 Spitzer Road in Bartlett, a 400,000-square-foot build-to-suit for a Fortune 10 company, which is estimated for completion in January 2021