Hines Acquires Industrial Complex In Melrose Park From AEW Capital For $87M | 4700-5000 Proviso Drive | Industrial | Sale

Summary

Sale

ILLINOIS

Industrial

2,200,000 sqft

Hines has purchased a 1.1 million-square-foot industrial complex in Melrose Park, Chicago, from AEW Capital Management for over $87 million. The property, located at 4700-5000 Proviso Drive, is strategically positioned near major expressways, railway access, and O'Hare International Airport.

Summary of transation details

Property Type: Industrial
Transaction Amount: $87,000,000
Address: 4700-5000 Proviso Drive
Market: Melrose Park
Buyer: Hines - Laura Hines-Pierce
Seller: AEW Capital - Jonathan Martin
Square Footage: 1,100,000 SF
Price per Square Foot: $79

This transaction reflects Hines' continued interest in industrial investments, motivated by the property's advantageous location and easy access to transportation hubs.

Details

Deal Summary

SOLD

IMAGE: Jonathan Martin & Laura Hines-Pierce DATE: 12/28/2023 ADDRESS: 4700-5000 Proviso Drive MARKET: Melrose Park ASSET TYPE: Industrial BUYER: Hines (@Hines) - Laura Hines-Pierce (@TXHines57) SELLER: AEW Capital (@AEW_Global) - Jonathan Martin SALE PRICE: $87,000,000 SF: 1,100,000 ~ PPSF: $79 NOTE: Hines has purchased a 1.1 million-square-foot industrial complex in Melrose Park, Chicago, from AEW Capital Management for over $87 million. The move reflects Hines' continued interest in industrial investments, driven by the property's strategic location near major expressways, railway access, and O'Hare International Airport.

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Address4700-5000 Proviso Drive

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