Marcus & Millichap Brokers Sale of Industrial Property in Lake Forest

Marcus & Millichap brokered the sale of 28101 Ballard Drive, a 32,003-square-foot, six-unit industrial property in Lake Forest, Illinois. The property sold for $3.46 million.

“The property received 12 offers and sold above the asking price, with both parties completing 1031 exchanges, including a buyer who sold a mixed-use land parcel in the city to acquire its first industrial property,” said Alexander Zlotnik, associate investments. “With two of the six units offering future mark-to-market opportunities, the asset presented an attractive combination of stable occupancy and upside potential.”

Zlotnik, Tyler Sharp and Adam Abushagur, investment specialists in Marcus & Millichap’s Chicago Downtown and Dallas offices, had the exclusive listing to market the property on behalf of the seller. Hubert and Stephen Cioromski of Troy Realty LTD procured the buyer, R & R Developers. 

The fully occupied, shallow-bay industrial asset is situated on 1.87 acres, approximately one mile from Interstate 94 in the South Lake industrial submarket. The masonry building features 15-foot clear heights, seven grade-level doors and five dock-high doors.