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Whirpool Warehouse: The biggest sale in the Chicago area

 Noëllie Inard


Credit: Chicagobusiness.com


On September 6th, 2022, the owner of a Whirpool distribution center in Joliet sold its property, which, as of now, made the biggest sale of a Chicago-area industrial building this year. According to Crain’s Chicago Business, the one-million-square-foot warehouse situated at 3851 Young Road in Channahon was sold for $104.4 million to Bank of America. Whirpool Corporation is a business providing services in the field of storage and moved into the space in 2015. According to Crain, Whirpool bought the building in 2018 for $71.5 million, showing an increase of almost 50% in the price. If today’s prices are high it is, according to REJournals, mostly due to a booming logistic market and the rise of e-commerce. According to Crain, the selling price of the warehouse has surpassed the $102.5 million sale in Channahon by Denver-based Ares Industrial Real Estate that happened a few months ago.

 Warehouse values have increased along with the decrease of the local vacancy rate which, based on research by Colliers International, reached 4.58% in Q2, the tax quarter of the year that includes the month of April, May and June. Moreover, this price rise is, according to Crain, also due to the rise in rents as well as businesses that continue to invest in the market. However, in the last couple of months, the market’s momentum has slowdown with rising inflation and supply chain issues. Despite COVID-19 impacting the world economy, according to Crain, the U.S market values have increased by 39% since the onset of COVID-19. The sale of the warehouse property by Whirpool highlights the rise of prices in the real estate market but also shows the strength of the industrial real estate market over the past several years.










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