Fully leased Chicago-area industrial building sells
JLL Capital Markets arranged the sale of the multi-tenant building in an infill Melrose Park location
CHICAGO, Jan. 6, 2021 – JLL Capital Markets announced today that it has closed the sale of a fully leased, multi-tenant, 456,417-square-foot industrial building at 1400 North 25th Ave. in the Chicago-area community of Melrose Park, Illinois.
JLL marketed the property on behalf of the seller, Baker Development Corporation. Glen Una Management purchased the asset.
The seller completed extensive renovations in 2019, modernizing the building to meet tenant demand. Today, the building is fully leased to a tenant roster which includes 15 national and regional companies in the traditional warehouse, distribution, food production, showroom, will-call and sports/entertainment sectors.
The building features ceiling clear heights ranging from 18 to 24 feet, 15 dock-high doors, 22 drive-in doors, above average vehicle parking and LED lighting throughout. Situated on more than 15 acres, the building is in a prime, infill location in the West Cook Industrial submarket, one of Chicago’s largest and oldest submarkets, along traditional transportation routes leading in and out of the city. This location enables tenants to easily get to downtown Chicago, which is less than 15 miles away, along with access to more than 2.4 million residents within a 30-minute drive.
The JLL Capital Markets team representing the seller was led by Senior Directors Ed Halaburt and Robin Stolberg and Senior Managing Director John Huguenard.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Baker Development Corporation
Baker Development Corporation is an experienced, well capitalized, privately owned real estate development company based in Chicago that has built a reputation for getting politically sensitive deals approved and complex development projects constructed.
Since its formation in 1985, BDC and its partners have been involved in the acquisition, development and construction of virtually every class of real estate, including high-rise residential, big-box retail, office, hotel, multi-family (rental and for-sale), mixed-use, loft conversions, townhomes, retail, adaptive reuse properties, fractured condominiums and brownfield redevelopment projects.
No matter the category or class of project, BDC’s hallmark is the creation of architecturally appealing, high-quality assets that people want to own, occupy or visit.
About Glen Una Management
Glen Una Management Company (GUMC) is a privately held real estate investment and property management company which controls a diversified portfolio of assets located in over 16 different states. The company boasts a strong team of professionals with experience in asset management, development, acquisitions/dispositions, and financing. Glen Una invests its own discretionary capital with a strategy of acquiring assets in primary, secondary and tertiary markets that are expected to generate stable, long-term cash flow streams.