MT. PROSPECT, IL—The Alter Group has sold a bulk distribution center, fully occupied by CVS Caremark, here for a reported $16 million to Sentinel Real Estate Corp.
The 147,932-sq.-ft. building is at 1780 Wall Street in Lake Center Corporate Park. The tenant signed alast year to lease the building for 15 years, with options to renew for an additional 10 years. Sentinel is a New York City-based institutional real estate investment advisor.
EnTrust, an affiliate of the Alter Group, represented the seller in the transaction. James I Clark III, managing principal of EnTrust, said the property was the last large available site that is close to O’Hare International Airport.
“The unique dynamic of this transaction involved selling a building that was undergoing substantial interior work by the tenant in transforming the space to a state -of-the-art pharmacy fulfillment center; therefore, it involved identifying a purchaser with the patience and ability to close with an uncertain timeframe,” Clark said in a statement. “In researching potential buyers for this innovative building, we identified a highly qualified private capital source with the sophistication to recognize the unique combination of factors that this building represented: a high-credit, national tenant; a presence at one of the world’s busiest airports; and the strength of the warehouse/distribution market which has national vacancy rates near 8 percent with very little newin the near term.”