Melrose Park, Illinois – We have information on Duke Realty Corporation (Duke Realty) and net lease properties. Duke Realty Corporation a few deals with a joint venture formed with CB Richard Ellis Realty Trust. They have participated in numerous net lease properties transactions together. We have some information on the Melrose Park area of development. In 1871, Allen Eaton and Edward Cuyler formed Melrose Realty Co. to develop the land west of Maywood. Edward Cuyler was a developer who probably subdivided what is now that part of Chicago including Melrose Street.
Our information today is on a Duke Realty expanding their Commercial Property Investment Portfolio. Duke Realty purchased a net leased, industrial property in the Chicago area. This net lease property is known as the Melrose Business Center. The net leased, industrial property is a 458,620 square foot, Class A bulk distribution facility. This Investment Property is located in Melrose Park, Illinois. Currently the net leased property is 100% leased which is great news for the Chicago area. Also, net leasd Industrial Properties can be used for a 1031 exchange replacement property.
The purchase of this net leased property, raises Duke Realty’s industrial property portfolio in this area. Duke Realty has more than 1 million square feet currently. The Net Lease Investment seller was the State Teachers Retirement System of Ohio, which is a pension fund.
Mecalux S.A., a privately held company leases the majority of square footage. Mecalux S.A. is a privately held company that specializes in the design, manufacturing, sale and servicing of metal racking, automated warehouses and other storage solutions. Our research finds that in April 2011, Mecalux will take the space that will become available at that time. This net leased property will have a new extended lease for their entire facility, with Mecalux S.A. as Tenant.
This net lease investment is in the O’Hare and I-290 sub-markets. This area where the net lease property, have some of the largest concentrations of industrial space in the entire world. This appears to be a very desirable area for net leased, industrial properties with its proximity to the greater Chicago area, O’Hare International Airport, Also, NNN commercial real estate in the area gets a boost from major highways, including I-294 and I-290.
This Investment Property was developed in 2000, is a precast, tilt-wall facility with 30′ ceiling clear heights. This net lease investment has 16 loading docks, which can be expanded to 110; nine drive-in doors and 50′ x 40′ bay spacing. The acreage surrounding the investment property provides for a 141′ deep truck court, 96 trailer parking spaces and 100 automobile spaces. The net lease investment is located at 1600 N. 25th Avenue.
Duke Realty employs more than 60 people and owns, manages, or has under development more than 15 million square feet of office and industrial properties in their Commercial Property Investment Portfolio. Duke Realty is headquartered in the greater Dallas – Fort Worth area. Duke Realty controls 200 acres of land for future development in the market. On a nationwide basis, Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S & P MidCap 400 Index.
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