2023 Impact: Mason Hezner’s industrial property sale
Dec. 20, 2023 — As we highlight some of our top deals of 2023, this off-market industrial property sale by Mason Hezner stood out for several reasons. Mason identified a two-unit building in the O’Hare submarket through his extensive network of industry connections and represented Clear Height Properties, who purchased the building as part of a joint venture with US Real Estate, an entity sponsored by Harbert Management Corporation.
The building at 500-502 Crossen Avenue in Elk Grove Village, IL needed some improvements and provided an opportunity for the new owner to upgrade the building and increase rental rates. Mason negotiated a below market price ($1.6 million) for the industrial property sale and also assisted in a five-year lease extension at market rate for one tenant.
“By working with my network of local owners, I was able to find this off-market property, connect the buyer and seller, and create an excellent value-add investment opportunity for the new owner,” said Mason.
Businesses and investors continue to focus on the O’Hare submarket because of its proximity to O’Hare International Airport and surrounding transportation corridors. The submarket also is convenient to Chicago’s strong labor pools. According to CoStar research, industrial rents in the O’Hare submarket are about 15% higher than the overall Chicago average, running about $10.70 per square foot. Rents increased 7.7% over the past year, which is similar to the increase seen throughout the Chicago market.