JOLIET, Ill. - Cushman & Wakefield has orchestrated the sale of Southfield Business Center, a 442,484-square-foot class A industrial building at 3500 Corporate Drive in Joliet. The firm's Capital Markets team of James Carpenter and Michael Tenteris in Chicago and industrial specialists Jason West and Sean Henrick in the Chicago-suburban office represented the institutional seller. The buyer, Jones Lang LaSalle Income Property Trust, Inc. (JLLIPT), is a non-listed REIT managed by LaSalle Investment Management, Inc.
"This core offering attracted a great deal of interest," said Tenteris. "We had a deep pool of aggressive bidders, demonstrating that there is plenty of liquidity in the I-80 submarket for high quality assets."
Situated within the I-80 corridor at the intersection with I-55, 40 miles southwest of Chicago, Southfield Business Center is fully leased to Homax Products and Johnstone Supply, Inc. The facility, which was constructed in 2005 and recently underwent tenant and base building improvements, features 30-foot ceiling heights. It includes 12,500 square feet of office space, and the 20.56-acre site offers the opportunity for future parking expansion.
"There continues to be heavy interest in this market's best-quality industrial assets," said Tenteris. "While we are seeing class B properties coming on the market, there is not a lot of class A product becoming available. When a class A asset like Southfield Business Center is offered, there is no shortage of buyers."
Cushman & Wakefield is the world's largest privatelyheld commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.