Chicago & Midwest + Greater Chicagoland + Industrial | May 12, 2021

Colliers’ Devine and Disse Arrange Warehouse Sale to Goldman Sachs

Colliers Chicago’s Jeff Devine and Steve Disse represented CA Ventures in the sale of 500 E. Devon Ave. in Elk Grove, IL to a fund managed by Goldman Sachs for an undisclosed price.

Completed in 2020, 500 E. Devon Ave. is a 146,029-square-foot distribution center with 32’ clear ceiling height and generous loading accommodations. The multi-tenant, small bay facility provides immediate access to the U.S. Interstate network and O’Hare International Airport.

The property was 71% leased to three tenants at closing. Colliers Chicago will continue representing the new owner on the remaining 42,000 square feet.

“The building was built to serve the most active tenant size in Chicago’s deepest and tightest industrial submarket,” said Devine. “The asset has experienced strong leasing momentum to date, and we believe the property will continue to benefit from its mission-critical location against a backdrop of unparalleled tenant demand.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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