Cordoba Properties acquires 100,000 SF industrial property in Bensenville

NAI Hiffman recently announced the sale of 516-554 N York Road, a 100,000-square-foot industrial complex in Bensenville, Illinois.

 

NAI Hiffman Senior Vice President, John Whitehead, represented the buyer, Cordoba Properties, in the transaction. Cordoba, a private investor, was looking to diversify its holdings.

 

516-554 N York Road features approximately 1,500 to 3,000 square feet of built-in office space, 16’ clear ceiling height, 200-600 amps, and one dedicated exterior dock per unit.

 

At the time of purchase, the building was 85 percent occupied. Whitehead, along with NAI Hiffman Associate, Josh Will, have been retained to lease the remaining 15,000 square feet of vacancy. While the building remains in good condition, ownership plans for improvements to the office space and individual units on an as-needed basis.

 

“The new owner is excited to own an O’Hare asset so close to the airport,” Whitehead said. “The varying unit sizes give Córdoba and Hiffman flexibility to see many different prospects, which should result in increased occupancy quickly.”

 

Located within the O’Hare submarket, 516-554 N York Road is within close proximity to the proposed O’Hare West entrance, as well as the I-294 tollway and Interstate 90.

 

“Bensenville has a very low vacancy rate, currently and historically, and is in DuPage, which makes the location even more exciting due to its lower taxes,” Will added.

Zurn Industries Signs 134,514 SF Lease in Bensenville

Zurn Industries is relocating its operation in Elkhart, IN and consolidating with its existing operations in the Chicago area to DuPage County.

Zurn Industries

 

Zurn Industries, a recognized leader in commercial, municipal, healthcare and industrial markets, offers the largest breadth of engineered water solutions in the industry, delivering total building solutions for new construction and retrofit applications that enhance any building’s environment.

 

Recently, the company signed a 134,514 SF lease at 340 County Line Road in Bensenville, IL. A subsidiary of Milwaukee-based Rexnord Corporation, Zurn Industries is relocating its operation in Elkhart, IN and consolidating with its existing operations in the Chicago area. The company will bring the new, Class A 184,170 square foot distribution facility to 100% occupancy with Geib Enterprises leasing the remaining space. “Our center in Elkhart has allowed us to deliver exceptional service to our customers for many years,” said Ken Witter, Director of Real Estate at Rexnord Corporation. “Our new facility in Chicago’s O’Hare marketplace will allow us to further optimize our operating strategies, and maximize our exposure in the Chicagoland area.” Newly constructed in November 2015, 340 County Line Road is a premier 5-star warehouse located in DuPage County. The building is situated on 11.5 acres and boasts 32’ clear heights, 38 trailer and 162 car spaces and is minutes from O’Hare International Airport. Zurn’s relocation illustrates the enduring attraction for state-of-the-art facilities in what is considered to be one of the most demanded industrial submarkets in the Chicago region. “Zurn investigated several different submarkets throughout the Chicago metropolitan area for its relocation, and it was determined that the 340 County Line Road facility was ideal based on building amenities, transportation needs and access to a quality labor market,” said Cushman & Wakefield Vice President William Strey, CCIM, who represented Zurn in the transaction. According to Cushman & Wakefield Research, there is currently 12.5 million square feet of industrial construction in the pipeline in response to the increasing demand for Class A, state-of-the-art space like 340 County Line Road.