News
Darwin REALTY/CORFAC INTERNATIONAL SELECTED TO REPRESENT VILLAGE OF FRANKLIN PARK IN TWO-BUILDING DISPOSITION
(Elmhurst, Illinois – April 8, 2020) – Darwin Realty/CORFAC International’s Rollo Dace has been selected by the Village of Franklin Park to market two vacant industrial buildings they have acquired through forfeiture. The buildings, located at 9800 Franklin avenue and 9150-58 Grand Avenue, will require extensive improvements to bring them up to the Village standards. However, they are located in a prime location near O’Hare Airport and offer value for intrepid investors looking for properties.
“Industrial and commercial real estate make up 50% of Franklin Park’s land area, and these properties could be a prime investment for someone looking to spruce them up and create modern amenities for interested tenants or buyers,” Dace says. “There’s a tax exemption of 10% on building materials to be used on properties with the Franklin Park Enterprise Zone.”
The 9800 Franklin Avenue building is 4,925 square feet and was built in 1970. The 9150-58 Grand Avenue property is 9,709 square feet and was built in 1950. They have been used for many businesses ranging from a body shop to a dog day care facility and are located in an area with a highly skilled, manufacturing-oriented labor force.
Franklin Park has been a leader in development of new industrial buildings, attracting industry, taking advantage of its infill location and proximity to O’Hare Airport. The village is located in the West Cook submarket, which has a low 4.5% vacancy rate and just 611,135 square feet under construction during Q4 2019. The submarket also boasts one of the highest average asking rents in Chicago at $7.50 per square foot. The submarket is consistently in high demand because of its low availability of new buildings and its proximity to highways leading into Chicago and out toward other major cities across the United States.
Darwin and Franklin Park have worked together completing transactions with developers and occupants including Bridge Development Partners’ acquisition of a 48-acre land site to build its 740,000 square foot, three-building industrial park. The park was recently sold to Morgan Stanley. Dace has also worked in Franklin Park on 9129 & 9125 Beldon, 2330 N. 17th avenue and 3901 Carnation. These transactions have helped Dace build a reputation as a knowledgeable and reliable broker in the near western suburb.