June 12, 2019
Colliers International, Chicago has brokered the sale of an 8.28-acre site at 550 Devon Ave. in Elk Grove Village, IL, within the O’Hare industrial submarket. The purchase price was not disclosed.
The firm’s Tom Rodeno and Jonathon Kohn represented the seller, Terry Bolger, as well as the buyer, CA Ventures, in the transaction. The deal marks CA Ventures’ first foray into the Chicago industrial real estate market.
The 550 Devon site includes a 20,000-square-foot retail building that the company intends to reduce in size and modernize. Plans also call for the construction of a speculative 142,000-square-foot industrial building on the remainder of the land.
“With the proliferation of e-commerce and the impact it has had on distribution, the O’Hare submarket remains one of the hottest in Chicagoland and continues to see historically low vacancy rates,” said Rodeno, a principal with Colliers, Chicago.
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