Colliers recently facilitated the sale of Woodridge Commerce Center, a top-quality industrial complex consisting of three buildings located at 10204, 10210, and 10216 Werch Ave. on the eastern edge of Chicago’s I-55 Corridor.
The transaction was represented by Jeff Devine, Steve Disse and Tyler Ziebel on behalf of the seller Unilev Capital and an affiliate of Palladius Capital Management. The buyer was a private LLC based in Chicago.
Constructed in 2006, these Class A buildings are situated on a spacious 12-acre lot within International Centre Business Park. They boast impressive features such as clear ceiling heights ranging from 18 to20 feet, both private and shared loading areas,and parking for up to447 cars.The property is strategically located at the intersectionof I-355/I-55 which provides direct access to major highways across the United States,making it ideal for efficient distribution nationwide.
Unilev Chief Investment Officer Ian Konowitch expressed satisfaction withthe outcome: “We are extremely pleased with this successful salefor both Unilevand our partner Palladius.Capitalizingonour strategyof acquiring well-positioned multi-tenant shallow bay industrial assets,and our team’s abilityto executeour business plan,resulted ina remarkable46% increasein NOI since acquisition.This translates into excellent returnsfor our investors.”
Unilev’s investment team includesKonowitch,Peter Bergesand Raymond Levy.Colliers brokeredthe property’ssaleto Unilevin2021.
Woodridge Commerce Centeris currently96% occupiedby22 tenantswithan average lease termof nearlythree years.In-place rentsare15%-20% below current market rates.Demand continues togrow forshallow bayindustrial propertiesdue to limited supplyin theregion.The vacancy ratefor spaces under20k squarefeet alongI-55 corridor standsat just1.35%.
This news articlewas originally published on Connect CRE.
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