Avison Young won the exclusive sale listing for a Manteno, Illinois, 57,860-square-foot industrial building, located at 1800 Sycamore Road in the south suburb, the company said Friday.
Principals Erik Foster and Mike Wilson, both based in Avison Young’s Chicago office, plan to represent the building’s owner Agracel, Inc., a regional industrial development firm based in Effingham, Illinois.
Zip-Pak, an Illinois Tool Works company, has been leasing the building in full since 1988. The company, which creates resealable food packaging, invested heavily into the building and plans to remain there after renewing its lease for the eighth time.
“With its strong Standard & Poor’s ‘A’ rating, Zip-Park and its parent company, Illinois Tool Works, provide the stability and long-term growth potential that investors are seeking,” Foster said.
The Manteno building was originally built for Zip-Pak, and its easily accessible, located near Interstate 57 and Route 50. Located on a 4.92-acre parcel, the building has eight dock doors and a drive-in door.
The building has been consistently improved by Zip-Pak throughout their eight consecutive lease renewals.
