Lee & Associates has closed a sale transaction for a 51,500-square-foot industrial building located at 700 Chase Avenue in Elk Grove Village, Illinois. Chris Nelson, principal of Lee & Associates’ Illinois office, represented the buyer, RT Group Logistics. The seller was Midwest Industrial Funds.
“RT Logistics will repurpose a 1970s manufacturing building into a functional distribution center in the heart of the O’Hare Submarket,” Nelson said. “Following renovations, the facility will include high-image office, functional warehouse space, secured truck/trailer lot and a high-bay truck maintenance facility. This is an extremely unique opportunity given the historically low vacancy rate of the O’Hare market.”