Brown negotiates O’Hare industrial purchase

Dec. 6, 2023 — Brown Commercial Group Partner Trinity Scurto completed an O’Hare industrial purchase that will allow a growing food services company to expand in a strong submarket.The 29,856-square-foot acquisition at 1250 Pratt Blvd. in Elk Grove Village, IL will support Ideal Bakery, a wholesale bakery company. The company needed a larger space to expand its operations and its industrial bakery business that supplies goods to multiple Chicago market locations.

The O’Hare submarket is one of the top locations in the Chicago market because of its proximity to O’Hare International Airport and surrounding transportation corridors, along with its proximity to Chicago’s strong labor pools. The strong market demand and limited supply of inventory have pushed up industrial rents in recent years. 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. These factors contribute to a strong market for O’Hare industrial purchase transactions.

See this IL Real Estate Journals story for more.