Trinity Scurto closes O’Hare investment sale
June 14, 2023 — Chicago’s O’Hare submarket is a top industrial submarket that has consistently drawn strong investment and leasing activity. It remains a key location for industrial tenants focusing on logistics, manufacturing and e-commerce activity. As such, it is a prime location for investors looking for long-term rent growth and price appreciation. As noted in the Illinois Real Estate Journal, Brown Commercial Group negotiated the O’Hare investment sale of a 21,400-square-foot building at 605 Bonnie Lane, Elk Grove Village, IL.
Partner Trinity Scurto represented OTO Investment Properties LLC in the O’Hare industrial sale to Clear Height Properties, an investor that is expanding in the market. Clear Height plans to renovate the vacant, single-tenant building and secure new tenants. The building includes 2,000 square feet of office space, two dock-high doors, one drive-in door, along with parking for 25 vehicles. The building is located three blocks from the intersection of Busse and Higgins Roads.
Ross Lehrman, Joe Karmin and Justin Lerner of Transwestern represented the buyer.
A review of recent CoStar research shows that the O’Hare submarket has a super low, 2.9% vacancy rate and recorded 8.4% rent growth over the past 12 months. The airport is a major draw for industrial tenants looking to expand or create a presence in the Chicago industrial market. Given its ranking as the busiest airport in North America for cargo traffic, O’Hare provides a key logistical framework for a wide range of businesses. Also, freight traffic increased more than 9 percent from Q4 2021 to Q4 2022 despite supply chain challenges and inflationary pressures that have impacted trade across the country.
