H
ines, a Houston-based company, has acquired a 404,000-square-foot distribution center in Bolingbrook for $29.5 million, or approximately $73 per square foot. The seller, TradeLane Properties, had purchased the facility in 2021 for $24.6 million.

    TradeLane also recently sold an Aurora logistics center to Ares Management for $58 million. This sale follows a trend of speculative industrial development in suburban Chicago peaking in Q3 2023 at nearly 12 million square feet before declining to 1.4 million square feet in Q1 2024, according to JLL.

    The Chicago industrial market is experiencing a slowdown following the pandemic-era boom. However, there are still opportunities for deals as leasing activity rose to 8.4 million square feet in the second quarter, up from 6.2 million during the same period last year, according to CBRE.

    Notable industrial transactions in the Chicago area have been driven by growth in AI and data centers, resulting in big-ticket sales. For example, Australian firm HMC Capital acquired a warehouse in Elk Grove Village from Prologis for $440 million, with an additional $272 million allocated for converting it into a data center.