Avgeris & Associates Set to Transform Vernon Hills with Massive 900K SF Industrial Facility

Avgeris and Associates, Inc. have recently made a game-changing move with the acquisition of International Corporate Park in Vernon Hills, Ill. This two-building asset, spanning a massive 459,927 square feet, is set to undergo a remarkable transformation. Teaming up with The Missner Group and Wylie Capital, Avgeris and Associates are poised to breathe life back into the former American Hotel Register property.

A New Beginning for International Corporate Park

In what is set to be a significant venture, the project is slated to begin later this year, with The Missner Group leading the redevelopment as the general contractor. The goal is to rejuvenate this once vibrant location and create a truly remarkable space that will benefit the local community and beyond.

According to reliable sources, the property was acquired for around $30 million, a testament to the potential value and the confidence placed in this venture by the new ownership. Financing this ambitious project is a generous $22 million construction loan, demonstrating the dedication and vision behind the plans.

Prior to the acquisition, American Hotel Register Co., the sole tenant, decided to sell the asset. Now, under the innovative hands of Avgeris and Associates, International Corporate Park is ready to embark on a new chapter in its history.

A Vision for Growth and Transformation

The International Corporate Park, located at 100 S. Milwaukee Ave., is undergoing a remarkable evolution. The existing 257,927-square-foot industrial building, boasting impressive 34-foot clear heights, will be retained as an integral part of the redevelopment strategy. In addition, the new owners have ambitious plans to demolish the current 202,000-square-foot office building, clearing the way for a remarkable 900,000-square-foot industrial campus that will consist of four new buildings.

With this development, the property's total industrial space will surpass a staggering 1.1 million square feet. This significant expansion, coupled with its strategic proximity to Interstate 94, positions the International Corporate Park as an appealing choice for logistics, transportation, and manufacturing companies. Stewart Mill, President of Avgeris, expressed his confidence in the project's ability to attract these key industries.

Situated across 70.4 acres, the site provides convenient access to major transportation routes in the area. Notably, it sits just 21 miles away from O'Hare International Airport, a mere 35 miles from downtown Chicago, and within a 43-mile radius of Chicago Midway International Airport. As the largest industrial site in the region, its availability has already generated considerable interest from brokers and potential end users, according to Jason Simon, Founder of Wylie Capital.

Investment Surges in Chicago's Industrial Sector

Chicago's industrial sector continues to attract significant investment, with recent acquisitions showcasing the area's potential for growth. Venture One Real Estate, in partnership with Kovitz Investment Group, recently acquired a two-building industrial portfolio in St. Charles, Illinois, spanning over 785,000 square feet. The purchase, totaling $50.2 million, demonstrates the confidence in the region's industrial real estate market.

In another noteworthy acquisition, Hines acquired the Chicago Prime Portfolio in Melrose Park, Illinois. This 1.1 million-square-foot industrial campus, fully occupied by three logistics tenants, presents a robust investment opportunity. Hines not only secures the ownership of the portfolio but also takes on the responsibility of property management.

As evidenced by a recent CommercialEdge report, Chicago's industrial sales have surpassed the $2 billion mark on a year-to-date basis through November. This places the city at the forefront of Midwestern markets in terms of sales volume and ranks it fifth among gateway metros. With an average price of $89 per square foot, the industrial sector in Chicago proves to be a lucrative venture for investors.