Brown Commercial Group, based in Elk Grove Village, IL, has negotiated the sale of three Chicago suburban industrial investment buildings, totaling 136,915 square feet. Dan Brown, president of Brown Commercial Group, was the sole broker on all transactions.
Two of the buildings are located in Elk Grove Village while the third is in Gilberts, IL. Each of the buildings is a multi-tenant space that is fully leased. The sales price for all three buildings was $7 million. The buyer on all properties was Gilberts and Groves LLC.
“In today’s tightening industrial market, there is a shortage of midsized suburban buildings for sale,” said Brown. “We were able to identify three buildings that fit the investor’s goals for income generation and long-term growth potential.”
The first building is at 1340-1400 Higgins Road in Elk Grove Village. The 61,515-square-foot, four-unit office and industrial building was previously owned by occupant Northern Glass, which signed a long-term lease for 30,000 feet within the building. The building includes about 27,000 square feet of office space.
Also in Elk Grove Village, 1425-1455 Tonne Road is a multi-tenant industrial building with 10 units totaling 51,000 square feet. 300-338 Arrowhead Drive in Gilberts, IL is a 24,400-square-foot industrial building with six units, each of which has about 3,000 square feet of outdoor storage space. The seller on both was a private investor.