Michael Weaver of CRER brokered a sale transaction for a 51,200-square-foot industrial building located at 1100 Commerce Drive in West Chicago, Illinois. The asset, constructed in 2002, sold for $3 million.
The DuPage submarket is comprised primarily of 1980’s-era, small bay properties with ceiling heights of 20 feet, catering to locally oriented users-though a number of modern/investments-grade facilities have been built more recently. The existing building stock is concentrated in one of several corridors within the submarket, but the modern buildings can be found mainly along l-23, north of I88 in Dekalb as well as clustered around the DuPage County airport (where they benefit not only from air-freight access but also from direct transcontinental rail access via one of the smaller intermodal facilities in the metro).
Roughly one-third of the submarket is owner-occupied space: the figure rises to about one-half when only major tenants are considered. DuPageCounty has sustained one of the lowest unemployment rates in the Chicagoland six-county region at 4.4 percent, lower than both Illinois (5.2 percent) and United States (4.5 percent).Industrial vacancy rates dropped another .2 percent from last quarter of 2017 to 5.2 percent; DuPage County continues to have the lowest industrial vacancy rate in the region. Attached is a market summary of the DuPage Submarket.