HOFFMAN ESTATES, Ill. – Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the acquisition of 2800 Forbs Avenue in the Northwest Cook County submarket of Chicago. The 135,940-square-foot, Class A warehouse and distribution center is available for lease and located within Prairie Stone Business Park at Interstate-90 and Route 59, just twenty minutes from O'Hare International Airport.
Surrounded by forest preserve, Prairie Stone business park provides a unique blend of technology and tranquility. The building sits adjacent to a significant number of retail, restaurant and hotel amenities which have become critical assets for attracting and retaining employees.
The property was acquired in February 2022 from Mary Kay Inc. and is being marketed for lease with the help of Cushman & Wakefield. A new Class 6B real estate tax incentive is in place to ensure the building’s real estate taxes remain competitive with adjacent Kane County.
“This is a rare, value-add opportunity in the Interstate-90 corridor where supply of modern industrial space continues to be extremely limited. Combining the supply and demand imbalance with a very pro-business community like the Village of Hoffman Estates makes this an exciting acquisition,” said Neal Driscoll, Midwest Region Partner at Dermody Properties. “The Interstate-90 corridor continues to attract technology-driven, value-add companies needing convenient access to O’Hare International Airport and the greater Chicago metropolitan area.”
The property features a 15,150-square-foot office area, a fully air-conditioned warehouse, 3,000 amps of power, a 30’ clear height, 216 car parking stalls and a unique drive-through perfectly suited for today’s evolving business-to-business and direct-to-consumer logistics models.
“In a lot of ways, Mary Kay was ahead of their time with the building design. Previously, the drive-through was used for Mary Kay’s Independent Beauty Consultants to pick up products at the facility. There are hundreds of companies looking to deliver directly to consumers. This building is the perfect solution to address that need in the northwest suburbs,” said Driscoll.
Hoffman Estates is bisected by Interstate-90 as it connects Rockford, Ill. and other western destinations to O’Hare International Airport, and, by extension, the City of Chicago. The more recent growth of industrial real estate along the corridor is due in large part to the widening of Interstate-90 to five lanes which was finished in 2019, allowing for improved drive times and accelerated demand outside O’Hare.
“It is extremely challenging to find quality acquisition opportunities in the current, highly competitive industrial market, making this a valuable acquisition for its central location,” said Tim Walsh, Partner and Chief Investment Officer at Dermody Properties. “Many companies are also looking for an extensive and diverse labor pool, which this area offers.”
Britt Casey and Al Caruana of Cushman & Wakefield are the leasing brokers for the property.
About Dermody Properties
Dermody Properties is a privately-owned real estate investment, development and management firm that specializes in the acquisition and development of logistics real estate in strategic locations for e-commerce fulfillment centers, third-party logistics and distribution customers. Founded in 1960, Dermody Properties has invested more than $6.2 billion of total capital across all platforms nationwide, having acquired and developed approximately 100 million square feet of logistics and industrial facilities. In addition to its corporate office in Reno, Nev., it has regional offices in northern and southern California, Atlanta, Phoenix, Seattle, Chicago, Dallas and New Jersey. For more information, visit www.Dermody.com.