Brown closes O’Hare industrial sale
Feb. 12, 2024 — Brown Commercial Group completed an industrial sale in the O’Hare submarket to support a business expanding in the market, as noted in RE Journals, Broker Candace Scurto represented a private investor in selling the 23,790-square-foot building at 160 Scott St. in Elk Grove Village, IL. Scurto initially marketed the property for lease but, due to the shortage of space and strong demand, it received multiple offers from potential buyers and sold to an end user.
As many businesses look to expand, they are facing challenges finding smaller industrial spaces for rent. Some are looking an industrial sale so they can have the stability of a longer term possession. Buying a building also allows some new owners to lease part of their space to another tenant and secure investment income.
Vice President of Sales Mason Hezner represented the buyer, GP Glass Company, which has two other locations in Elk Grove Village. The company is a custom shower glass and door installation business and is expanding its industrial footprint in the O’Hare submarket.
According to CoStar research, industrial sale volume in the O’Hare submarket totaled approximately $708 million over the past 12 months. While the sales figures were lower than in previous years, they reflect the continued strength of the O’Hare submarket. The submarket remains a top draw for industrial businesses and has a 4% industrial vacancy rate. Rent growth reached 6.5% over the past 12 months.
