1020 Olympic Drive, Batavia, IL
BATAVIA, IL – Oak Brook, IL-based investment firm Midwest Industrial Funds expanded its portfolio in Chicago's Fox Mall submarket with the purchase of 1020 Olympic Drive here.
According to brokerage firm Avison Young, the company bought the 117,472-square-foot lot from a national manufacturing company. No financial details of the transaction were disclosed.
Tom Curtis, an employee of Avison Young's Chicago office, and Avison Young Principal, John Moysey, also based in Chicago, represented the seller on the deal.
The purchase by Midwest Industrial Funds increases its stake in the Fox Valley submarket. The company now owns more than 40 properties across the Chicago market.
Avison Young has been hired by Midwest Industrial Funds to market the repositioned asset, which is undergoing extensive renovations including a new roof, installation of modern HVAC systems, office renovations and various other updates.
The class B building was built in 1977 and expanded in 1983. The facility was used by the manufacturing company as a single tenant building for many years and was empty at the time of sale. The
"Given the age of the building and the presence of highly specialized interiors, we have determined that certain capital improvements are needed to make the building marketable to a wider pool of buyers," says Moysey. "By thoroughly evaluating the building and recommending detailed changes before listing, we have shortened market time and generated several offers."
The seller demolished approximately 10,000 sf of mezzanine space to create a more open entrance and completed other interior designs before putting the building up for sale. The building was agreed within three weeks of being put on the market.
The 24 to 28 foot, clear height building sits on an oversized 7.1 acre site that includes outdoor storage and room for possible expansion. There are three rail doors that provide access to the nearby Burlington Northern Santa Fe rail spur. Rail transport has the potential to shorten a tenant's logistics cycle and cut operating costs significantly.
“This type of functional Class B building is an ideal option for many entrepreneurial investors looking to take a more hands-on approach and add value,” says Moysey. "There are many opportunities in the Chicago market that are off the radar of larger investors, but still have strong cash flow and the potential for higher returns."
