Marcus & Millichap has arranged the sale of a multi-tenant industrial property at 28101 Ballard Drive in Lake Forest, Illinois. The asset totals 32,003 square feet across six units and traded for $3.46 million. The buyer, R & R Developers, acquired the fully leased building through a 1031 exchange.
According to Marcus & Millichap associate investments professional Alexander Zlotnik, the marketing effort generated 12 offers, and the property ultimately closed above the asking price. Both buyer and seller completed 1031 exchanges in connection with the transaction. Zlotnik noted that the buyer sold a mixed-use land parcel in the city to move into its first industrial acquisition, highlighting a shift in its portfolio toward industrial product.
Zlotnik, along with colleagues Tyler Sharp and Adam Abushagur from Marcus & Millichap’s Chicago Downtown and Dallas offices, held the exclusive listing and marketed the property on behalf of the seller. On the buy side, Hubert and Stephen Cioromski of Troy Realty LTD procured R & R Developers as the purchaser, rounding out a brokered trade with dedicated representation on both sides of the deal.
The shallow-bay industrial facility is described as fully occupied, combining steady in-place income with room for future revenue growth. Two of the six units are expected to offer mark-to-market opportunities, providing potential rent upside as leases roll. This mix of stable tenancy and embedded growth was cited as a key factor in investor interest and helped support competitive bidding for the asset.
The property is situated on 1.87 acres in the South Lake industrial submarket, approximately one mile from Interstate 94. The masonry building features 15-foot clear heights, seven grade-level doors, and five dock-high doors, supporting a range of small-bay industrial users. Its proximity to a major interstate corridor and its fully leased status underscore the site’s positioning within the local industrial logistics network.
The Lake Forest transaction reflects ongoing investor appetite for small-bay, multi-tenant industrial product with both stabilized cash flow and incremental value-add potential. The combination of a 1031 exchange buyer, a fully occupied asset, and competitive bidding conditions suggests continued depth of demand for well-located industrial properties in the broader Chicago metropolitan area.
