JLL announces close of two industrial properties for Industrial Outdoor Ventures
JLL assisted Industrial Outdoor Ventures in securing both industrial service property transactions, totaling 62,000 square feet
CHICAGO, October 19, 2021 — JLL announced the close of two industrial properties, located at 1401 N. Farnsworth Ave., Aurora, Illinois, and 4212 Perry Blvd., Whitestown, Indiana, for outdoor storage real estate investor Industrial Outdoor Ventures (IOV). JLL Senior Associate Kate Coxworth and Executive Vice Presidents Dominic Carbonari and Frank Griffin represented IOV in the transaction.
The addition of the 39,450-square-foot property in Aurora and 22,500-square-foot property in Whitestown will further the company’s strategic growth in the booming outdoor storage facility space. Both industrial properties are designed for truck maintenance and repair and are already 100 percent occupied by environmental and emergency service and products provider MacQueen.
“This transaction shows that distribution centers aren’t the only real estate gaining traction from increased e-commerce activity,” said Coxworth. “Industrial service facilities, like the ones added to IOV’s portfolio, are now a critical asset to most industrial portfolios—especially those in need of stable, long-term tenants.”
Industrial service facilities (ISFs) are typically used by transportation companies to store or service fleets of trucks that distribute goods across the country. The rise of online spending over the last year has made these industrial sites more lucrative than ever—ISFs currently have an average three percent national vacancy rate. ISF tenants are typically long-term lease holders with most in 10-year agreements.
"We want to be at the forefront of the race for high-quality industrial space, which is why we chose to purchase these two locations,” said IOV Chief Executive Officer Thomas Barbera. “Centrally located, they offer easy, quick access to nearby highways and low floor area ratios—two huge benefits that contributed to MacQueen’s long-term lease agreements.”
For more information, visit jll.com/chicago.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.