Investment firm Faropoint paid $13.5 million for a warehouse in Elk Grove Village, amid a Chicago area industrial market that continues to gain strength.
Faropoint acquired the 123,200-square-foot property located at 747 Chase Avenue, Cook County property records show. The complex was built in 1980 and is on 5.6 acres.
The seller was New York-based Link Logistics, which operates a massive portfolio of real estate logistics across the county.
Industrial vacancy rates in the Elk Grove Village submarket stood at just over 3 percent in the second quarter, according to Colliers International. Across Greater Chicago, the industrial vacancy rate dipped to 6.29 percent, from 6.68 percent in the first quarter.
Elk Grove Village is located within the greater O’Hare industrial submarket, which saw 2.7 million square feet of new leases signed in Q2, about double the previous quarter, Colliers’ Jonathan Kohn said.
Faropoint and Link did not respond to requests for comment.