Brown Commercial Group has completed the sale of a 46,807-square-foot industrial building at 3201 Tollview Drive in Rolling Meadows, Illinois. The transaction was a partial sale-leaseback, with seller HK&RP LLC continuing to occupy about 27,000 square feet of the building while the buyer, Alliance Moving and Storage, occupies the remainder of the building—about 16,800 square feet of warehouse space and 2,500 square feet of office space.
Brown Commercial Group president, Dan Brown, represented the seller while the company’s senior associate, Jim Pietrarosso, represented the buyer.
“This was a complex transaction that involved coordinating multiple elements and making sure the buyer and seller were comfortable with this unique shared building arrangement,” Pietrarosso said. The new arrangement involves both parties sharing common areas of the building, including the same address and mail pickup location.
The seller, a company comprised of two businesses, was planning to sell and relocate, but then decided to pursue the partial sale-leaseback. “This transaction was a unique opportunity for the seller to remain in part of the space while improving efficiencies and reducing the capital expense,” Brown said.
The buyer was previously in Elk Grove Village, Illinois in a 3,500-square-foot space. He was drawn to the building by its location among a suburban customer base and by the opportunity to have an ownership position in the building.
“The new buyer was looking for high visibility along I-90 and proximity to a large suburban population base,” Pietrarosso said. “This was an unusual situation due to the seller only selling part of the building, but through good communication and detailed meetings, we were able to put all the parts together and achieve a successful outcome for all parties.”
The two-story building also includes an atrium and a commercial kitchen.