In the past year Chicago’s industrial real estate sector has seen over 1,129 properties exchange hands, with several warehouse properties of well over one million total square feet. Of the top sales, the average vacancy rate at the time of sale was around 10% (9.8%), and the average price per square foot at the time of sale is at an average of $78. The average cap rate for these industrial properties was 8.3%.
While many of the larger deals on the current list occurred prior to the pandemic, there are still many real estate deals going on in the Chicago area. Cawley Chicago pulls the Top 10 Industrial Property Sales regularly to give an idea of the commercial real estate properties arising in the area.
Key Stats for Chicago Industrial Property Sales
Sales Comparables: 1,129 (1,166 in Q4 2020)
Average Cap Rate: 8.3% (8.6% in Q4 2020)
Average Price / SF: $78 ($68 in Q4 2020)
Average Vacancy at Sale: 9.8% (9.3% in Q4 2020)
Top 10 Industrial Property Sales in Chicago
1) 29900 S Graaskamp Blvd
Rating: 5
Year Built: 2015
Building Square Feet: 2,028,954
Vacancy %: 0%
Sale Date: 02/08/2021
Price: $126,500,000
Price / SF: $62
Cap Rate: Not Listed
2) Amazon Fulfillment Center – 3501 120th Pl
Rating: 5
Year Built: 2015
Building Square Feet: 1,015,740
Vacancy %: 0%
Sale Date: 06/30/2019
Price: $119,200,000
Price / SF: $117
Cap Rate: Not Listed
3) 930 W Evergreen Ave
Rating: 4
Year Built: 1998
Building Square Feet: 339,00
Vacancy %: 0%
Sale Date: 03/25/2021
Price: $100,000,000
Price / SF: $295
Cap Rate: 5.3%
4) Rock Creek Logistics Center
Rating: 5
Year Built: 2018
Building Square Feet: 1,220,140
Vacancy %: 0%
Sale Date: 09/30/2020
Price: $87,500,000
Price / SF: $72
Cap Rate: 4.5%
5) Amazon – 10500 S Woodlawn Ave
Rating: 4
Year Built: 2020
Building Square Feet: 144,207
Vacancy %: 0%
Sale Date: 12/18/2020
Price: $65,074,000
Price / SF: $451
Cap Rate: Not Listed
6) 11211 Burlington Rd
Rating: 5
Year Built: 2014
Building Square Feet: 513,976
Vacancy %: 0%
Sale Date: 06/30/2020
Price: $56,800,000
Price / SF: $111
Cap Rate: Not Listed
7) Fresenius Kabi USA – 11900 122nd St
Rating: 5
Year Built: 2020
Building Square Feet: 590,525
Vacancy %: 0%
Sale Date: 08/6/2020
Price: $54,600,000
Price / SF: $92
Cap Rate: Not Listed
8) 2635 S Western Ave
Rating: 4
Year Built: 1968
Building Square Feet: 308,000
Vacancy %: 0%
Sale Date: 05/27/2019
Price: $54,500,000
Price / SF: $177
Cap Rate: Not Listed
9) Bailly Ridge 4 – 25101 S Ridgeland Ave
Rating: 3
Year Built: 2019
Building Square Feet: 879,040
Vacancy %: 100%
Sale Date: 11/16/2020
Price: $50,300,000
Price / SF: $57
Cap Rate: Not Listed
10) Prologis Romeoville – 901 W Bluff Rd
Rating: 5
Year Built: 2019
Building Square Feet: 879,040
Vacancy %: 100%
Sale Date: 07/21/2020
Price: $50,273,343
Price / SF: $73
Cap Rate: Not Listed
View the Latest Comprehensive Chicago Industrial Real Estate Report