Avgeris and Associates, Inc., The Missner Group & Wylie Capital Announce Acquisition and Planned Redevelopment of Vernon Hills International Corporate Park
LOMBARD, Ill., Jan. 22, 2024 /PRNewswire/ -- Avgeris and Associates Inc., a privately owned and operated commercial real estate investment company, in partnership with The Missner Group and Wylie Capital, is thrilled to announce the acquisition of International Corporate Park, commonly known as the former American Hotel Register site in Vernon Hills, Illinois.
Avgeris and Associates acquire the former American Hotel Register Site in Vernon Hills and announces redevelopment in partnership with The Missner Group and Wylie Capital.
Originally developed in 1996, the 70.4-acre site features a 257,927-square-foot, 34' clear height, existing warehouse building. which will remain and play a role in the redevelopment, and a five-story, 202,000-square-foot office building, which will be demolished making way for over 900,000 SF of new industrial space in up to 4 buildings. "The Vernon Hills area has a high demand for Class-A industrial buildings," said Barry Missner, CEO of the Missner Group. "We are looking forward to partnering with Avgeris and Associates Inc. and Wylie Capital to redevelop a great piece of infill real estate."
Stewart Mills of Avgeris & Associates shared, "With the ability to accommodate over 1,100,000 SF of industrial space on site, and proximity to I-94, this is an ideal location for logistics, manufacturing, and transportation users." Jason Simon of Wylie Capital added, "Without change in zoning directive from municipalities in south Lake County, this shovel ready site is the largest industrial land site available in the area. The last few years taught us that having scale and the ability to accommodate growth is critically important to where business decides to locate, and we have both. While under contract, we received unsolicited inquiries from brokers and end users, so we are excited to see how their interest in the site develops."
Redevelopment of the site is anticipated to begin later this year with The Missner Group also serving as general contractor.
About Avgeris and Associates, INC.
Avgeris and Associates has been a privately owned and operated commercial real estate investment company. Since its founding the firm has developed and invested in more than 40 million square feet and currently manages a portfolio over 8 million square feet inclusive of industrial, office, multifamily and land. Focused on value add opportunities, our experience has allowed us to see and create value where others cannot. As a professional real estate investment company we pride ourselves on building strong and successful relationships through our commitment, honesty, and hard work. We do business on a first-name basis and we let our reputation speak for itself.
About The Missner Group
Established in 1945, The Missner Group provides comprehensive and integrated real estate investment, development, acquisition, and construction services throughout the Midwest. TMG has completed over 2 billion dollars of construction and over 25 million square feet of development. For almost 80 years they have committed to the same mission and vision establishing themselves as a premier and preferred general contractor and developer throughout the Midwest.
About Wylie Capital
Wylie Capital ("WC"), is a privately held real estate investment and development company focused on value add and new construction industrial and residential projects throughout the Midwest and Sunbelt. WC has acquired $180 million of land and commercial property to date and currently has a $350 million development pipeline.
SOURCE Avgeris and Associates Inc.