Chicago, IL – Global real estate advisory firm, Avison Young, announces today sale of a 145,182-square-foot (sf) industrial manufacturing facility located at 11264 S Corliss Avenue in Chicago, IL. The property is fully occupied by Polyair who has been at the facility for more than 29 years and recently signed a new 10-year lease.

Avison Young Capital Markets Principals Erik Foster and Mike Wilson along with Industrial Leasing Principals Brian Colson and Brian Pomorski, and Senior Vice President Jack Reardon represented the seller, a private partnership. The buyer was  Venture One.

Situated on 5.13 acres, the property features 22’ clear height, 10 dock-high overhead loading doors, and two drive-in overhead loading doors. The property’s infill location provides immediate access to Interstate 94 and a dense labor force. The tenant, Polyair, is a significant industry player in the protective packaging business, offering a full portfolio of protective solutions including mailer products, bubble cushioning, protective foam roll stock and value-added laminations, among other products. 

“Polyair, a multi-billion-dollar credit tenant, has occupied the facility since 1996 and has invested extensive capital in the asset as it is a mission critical facility and an integral part of its national platform,” said Foster. “This opportunity provides the new ownership with a stable, cash-flowing investment with committed tenancy and an ideal logistical location in the heart of the country.” 

11264 S Corliss Avenue is in the South Chicago submarket which is one of the tightest submarkets in Chicago with a vacancy rate of approximately 3.7%. This submarket has consistently outperformed many nearby markets and has remained stable with consistent increases in rental rates and a decreasing vacancy rate over the past couple of years.

“With over 1.2 billion square feet of inventory, the Chicago MSA still reigns as one of the country’s largest industrial markets,” added Wilson. “The continued demand for industrial product, combined with supply chain issues causing barriers to new construction, will keep the vacancy rate low and rental rates on the rise.”