Brown Commercial Group has completed the sale of a 103,000-square-foot industrial building in Schaumburg, the last of four properties the company sold for a bankruptcy trustee.
The 103,000-square-foot multi-tenant building at 1101-1189 Tower Road in Schaumburg was on the market for just two weeks and was sold to a private investor. Dan Brown, president of Brown Commercial Group, represented the seller. Jim Pietrarosso with Coldwell Banker Commercial represented the buyer.
Brown secured contracts on all four buildings within a 30-day timeframe.
“Investors are hungry for well-located properties, particularly those that have some upside potential,” Brown said.
These four buildings were part of a 46-property bankruptcy portfolio managed by Gus Paloian, a partner with the law firm Seyfarth Shaw LLP in Chicago. Brown represented the bankruptcy trustee on all the transactions.
The others buildings, sold in mid-2013, were: a 51,000-square-foot building with 17 units at 850 Meadowview Crossing in West Chicago, with Mike Antonelli of Brown Commercial Group representing the buyer; a 30,000-square-foot, 10-unit building at 400-490 Bonnie Lane in Elk Grove Village, with Justin Lerner of Newmark Knight Frank Epic representing the buyer; and a 12,000-square-foot building at 400 Belden Ave. in Addison, with John Hamilton of Colliers International representing the buyer. All were sold to private investors. The sales prices were not disclosed.
