Brown Commercial Group negotiated a 26,000-square-foot industrial building sale in Chicago’s western suburbs as part of a two-transaction process that is moving a business owner into a modern, more efficient facility. Senior broker Jim Pietrarosso represented Foderaro Investment Partnership Corp. in buying a building at 2475 Millennium Drive in Elgin, Illinois for $2,050,000.
The facility will house V&F Transformer Corporation, which manufacturers custom-designed transformers and reactive magnetic components for a variety of global industries. The company had considered moving its operations into a facility in Tennessee, but decided to stay in the Chicago area due to its strong labor pool.
Earlier this year, Pietrarosso negotiated the sale of Foderaro Investment Partnership’s 30,227-square-foot manufacturing building at 31w222 W. Bartlett Road in Bartlett, Illinois. “This was a strategic move designed to help our client take advantage of the efficiencies found in today’s modern buildings while remaining close to its client and employee bases,” Pietrarosso said.
Dan Brown, president of Brown Commercial Group, represented the seller of the Elgin building, 2475 Millennium Drive Holdings LLC. Brown has extensive experience in that market and had sold the building to the investor in 2013. “This building is ideal for the new owner, as it offers the size, location and interior layout that can help them continue to grow their business in a modern facility,” he said. “The Elgin location provides access to a diverse labor pool to support continued expansion in the market.”
The Elgin building is on a 1.54-acre site in a corporate industrial park near the I-90/Randall Road interchange. It was built in 2002 and includes 2,000 square feet of office space, one drive-in door, one loading dock, and ample parking. The new owner will have 75 employees at the facility, with plans to add more in the near future.
The building was constructed with heavy power capabilities, reinforced concrete floors, an air conditioned warehouse and compressed air lines, features that are well suited for today’s manufacturing tenants. This infrastructure was appealing to the buyer, as it creates a turn-key environment that supports the company’s manufacturing usage.