Sunday, August 14, 2022
The Property Reporter
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
The Property Reporter
No Result
View All Result
Home Industrial

Brown Commercial Group negotiates 18,240-square-foot industrial sale

PrR by PrR
2022-06-19
in Industrial
0
20
SHARES
152
VIEWS
Share on FacebookShare on Twitter


BATAVIA — Mike Antonelli, partner, Brown Commercial Group, Inc., represented Rhondarosa Properties, LLC and the buyer in the sale of an 18,240-square-foot industrial building with outdoor storage at 1306-1330 Pierson Dr. in Batavia.

The buyer was H5P, LLC, a road and snow maintenance company that was expanding and required outdoor storage for its equipment.

“This was a unique industrial property due to the presence of outdoor storage, which is in short supply in the Chicago market and nationally,” Antonelli said. “The seller was able to achieve premium pricing due to the value that outdoor storage provides.”

The Central Kane/DuPage County submarket continues to see strong demand for industrial space and a low 3.6% vacancy. The submarket has a massive inventory base of 62.6 million square feet and had $543 million in sales over the past 12 months, according to CoStar data. Market pricing has jumped by more than 10% in some cases.

Average rents in the Central Kane/ DuPage County submarket are $7.60 per square foot, falling just below the metro average of $7.70. However, that represents a rise of 8.4% over the past year, well above the 4% average over the last three years. As more new buildings are constructed and vacancy flattens, rent growth is expected to moderate in the next three years, according to CoStar.

The submarket had 1.72 million square feet of construction completed over the past eight quarters, ending with Q1 2022 and another 2.62 million square feet in the pipeline. About 2 million square feet is slated for delivery during 2022.

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        





Source link

Tags: 18240squarefootBrowncommercialGroupIndustrialnegotiatessale
Previous Post

McCarron and Votta named Propertymark presidents | News

Next Post

Beth McKee-Huger: Vote yes for the housing bonds | Columnists

Next Post

Beth McKee-Huger: Vote yes for the housing bonds | Columnists

RECOMMENDED

MGM Resorts International (MGM) Q2 2022 Earnings Call Transcript

2022-08-04

Cedar Fair (FUN) Q2 2022 Earnings Call Transcript

2022-08-03

MOST VIEWED

  • Fox Lake hopes to bring hotel to Mineola lakefront site; ‘Recognizing our unique position on the Chain O’ Lakes is a key driver for our progress’ – Chicago Tribune

    739 shares
    Share 296 Tweet 185
  • Doubling Down With the Derricos’ Deon boasts about ‘buying up blocks’ & promotes real estate business after foreclosure

    181 shares
    Share 72 Tweet 45
  • Historic home on 32-acre site annexed into Elgin for new industrial development free to anyone who wants to move it

    153 shares
    Share 61 Tweet 38
  • Plas Glynllifon’s new owner speaks for first time on difficult challenge to renovate mansion

    114 shares
    Share 46 Tweet 29
  • Atlanta developer plans downtown Dallas towers

    82 shares
    Share 33 Tweet 21

Recent Posts

  • MGM Resorts International (MGM) Q2 2022 Earnings Call Transcript
  • Cedar Fair (FUN) Q2 2022 Earnings Call Transcript
  • NYC’s First Half CRE Investment Sales Volume up 99 percent: Report – Commercial Observer
  • Designers share tips for bringing more color into your home
  • Colleges get creative to solve student housing squeeze

CATEGORY

  • Buying a Home
  • Hotel
  • Industrial
  • News
  • Office
  • Residential
  • Retail
  • Selling a Home
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Property Reporter

No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home

© 2021 Copyright Property Reporter