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 a deal last 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 new construction in the near term.”