IDI Acquires 580,000-Square-Foot Industrial Building Near Chicago
Montgomery, Ill. (March 9, 2005) -- IDI, Inc., an Atlanta-based, national real estate firm, has purchased an industrial building located at 2015 Baseline in Montgomery, IL, a growing community located just south of Aurora and approximately 40 miles west of downtown Chicago, said Jeff Lanaghan, vice president of leasing and development in the company’s Chicago district office. The 580,894-square-foot building is fully occupied by two prominent tenants, Eby-Brown Company and Caterpillar Logistics, Inc. The seller was Meritex Developments, Inc. of Minnesota.
“This acquisition is consistent with our national strategy to expand IDI’s portfolio of owned properties,” said Lanaghan. “As one of the country’s most active real estate developers, we understand local markets and are always looking for property acquisition opportunities, especially in the light-industrial sector.” Two years ago in the Chicago market, IDI acquired two buildings in north suburban Skokie and one building in west suburban Carol Stream.
The Montgomery market was attractive to IDI, added Lanaghan, because of its location, business-friendly economic development policies and large labor pool. Located on the Fox River, Montgomery is served by the Burlington Northern/Santa Fe Railroads. SR 30, a major commercial transportation route, runs directly through Montgomery. The building has access to I-88 via the recently expanded Orchard Road.
The 2015 Baseline building is a single-story, free-standing structure located near the intersection of Route 30 and Orchard Road. Features include large bays, a 30-foot clear height, and ESFR sprinklers. Eby-Brown and Caterpillar each occupy approximately half of the building.
Keith Stauber and Matthew Stauber of Colliers, Bennett & Kahnweiler were the sole brokers in the purchase transaction. IDI Services Group will manage the property.
IDI (www.idi.com) is a national, full-service industrial real estate developer based in Atlanta, providing strategically located properties throughout the U.S. to best meet tenants’ distribution, warehouse and light-manufacturing needs. Since the company was founded in 1989, IDI has grown from assets of $89 million to more than $498 million in wholly owned assets and another $846 million in joint venture assets. Company gross revenues have grown from $3.2 million in 1989 to more than $187 million as of 2004, year-end. IDI has developed close to 99 million square feet of industrial space worth more than $3.2 billion.