Tony Russo of Cawley Chicago represented the buyer of 1755 Park Street. The property is currently leased to a mix of local and regional tenants including a therapy practice, an executive suites operation, an IT consulting firm and a major regional bank office.
After acquiring a 2.35-million-square-foot industrial portfolio in Chicago earlier this year, Dallas-based Westmount Realty Capital, a commercial real estate development and investment company, has sold one of its Chicago holdings. The 310,775-square-foot warehouse and distribution facility near Midway Airport was acquired by High Street Realty Company.
Andrew Maletich, executive vice president with Cawley Chicago, represented Westmount and High Street in the transaction.
Located at 4404 W Ann Lurie Place, the property was developed in the mid-1970s and modernized in 2010 by the previous owner, KTR Capital. The building is leased to three tenants, including Gold Eagle, BT Wholesale and Southwall Insulating Glass.
The building is situated on 21.7 acres within the Crawford Industrial Park, less than one mile from the four-way interchange at I-55 and Pulaski Road. It features 22-foot clear ceilings, 69 truck docks, two drive-in doors and parking for 130 cars. Westmount acquired the property in 2014.
Westmount’s Chicago portfolio currently includes 46 properties totaling more than 4.675 million square feet of space. The occupancy rate of the portfolio is 92.4 After acquiring a 2.35-million-square-foot industrial portfolio in Chicago earlier this year, Dallas-based Westmount Realty Capital, a commercial real estate development and investment company, has sold one of its Chicago holdings. The 310,775-square-foot warehouse and distribution facility near Midway Airport was acquired by High Street Realty Company.
Cawley Chicago Office Team Represents KMMRD Enterprises, LLC
in 37,692 SF Office Building Sale in Naperville
NAPERVILLE, IL (December 5, 2017) - Cawley Chicago is pleased to announce the sale of 1755 Park St in Naperville, Illinois. This three story office building is conveniently located between Mill St and Washington St just South of Diehl St, was built in 1987 and is currently 95% leased. The Cawley Chicago Office Team will take over the exclusive leasing assignment and Cawley Chicago Management will manage the property.
Cawley Chicago Executive Vice President, Tony Russo and Vice President, Ryan Freed represented the buyer, KMMRD Enterprises, LLC. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle CORFAC International represented the seller, CPH 1755 Park, LLC in this transaction.
Representing both a private seller and a real estate investment trust, Cawley Chicago has completed the disposition of a two-building, 607,231-square-foot portfolio in Indianapolis. The total value of the transaction was approximately $16.9 million. Plymouth Industrial REIT acquired the two buildings, a 562,497-square-foot building and another building totaling 44,734 square feet within the Shadeland I-70 Business Park. The properties were sold by First Highland Management & Development Corp., Inc. The transaction was completed by David Conroy, vice president, and Timothy E. Gallagher, executive vice president, both with Cawley’s industrial practices division. At the time of the acquisition, tenants leased 94% of the space, with the vast majority occupied by Pratt Visual Solutions and MicroMetl. Plymouth structured the acquisition as an UPREIT, a vehicle that allows the buyer to use shares in the REIT as a means for acquiring property. According to Conroy, First Highland elected to sell the assets this way so that it could participate in the future upside of Plymouth REIT while deferring the impact of capital gains taxes.
We are excited to announce that Cawley Chicago has moved to Oakbrook Terrace. Our new location allows us more space so we can continue to grow as we expand our presence as suburban Chicago's submarket specialist in commercial real estate. Please update your records.