Colliers has arranged the sale of the I-88 Logistics Center at 1200 Orchard Gateway in Aurora, Illinois. Jeff Devine and Steve Disse of Colliers represented an institutional real estate advisor in the sale to an undisclosed financial institution.
The state-of-the-art distribution facility offers 604,556 square feet of Class A space and is designed for multi-tenant divisibility. At the time of sale, it was 100% leased to Ryder Logistics on a lease through 2027. Developed by Opus North Development in 2015, this asset presented a great opportunity for investors due to its price substantially below replacement cost value.
Devine commented: “This building presented an opportunity to make a safe investment in a high quality logistics facility at a price substantially below what it would have costed us replace.”
The center is strategically located at the I-88 and Orchard Road interchange with immediate highway access; making it highly desirable among industrial and logistics users given that vacancy rate remains under 4% as per Q1 data from 2021 end period .
With this transaction Colliers continues its commitment towards providing best services when helping clients invest into commercial real estate assets across US markets
