Partner Mike Antonelli of Brown Commercial Group, Inc. represented a private investor in selling a 17,735-square-foot industrial building at 1395 Jeffrey Drive in Addison, Illinois. The latest sale was the culmination of a year-long strategy to secure, reposition and maximize the value of a two-building industrial portfolio (totaling 37,735 square feet) in the Chicago market.
In the latest of a series of transactions, Helander Metal Spinning Company, which owns several industrial facilities in the area, acquired the building at 1395 Jeffrey Drive in Addison. The new building will be used to expand the company’s manufacturing operations. Antonelli also represented the buyer.
Antonelli worked alongside Brown Commercial Group, Inc. President Dan Brown on the initial two-building portfolio acquisition in Q1 2021, representing a private investment group in acquiring 1395 and 1401 Jeffrey Drive in Addison. The buyer invested significant capital to reposition the buildings to capitalize on the strong industrial demand in Chicago. Given the level of demand and lack of available inventory for sale, Antonelli was successful in securing buyers for each building prior to the commencement of construction.
In Q4 2021, Antonelli represented Omega Sign and Lighting, Inc. in their acquisition of 1401 Jeffrey, a 20,000-square-foot building that will be used as the company’s new headquarters facility.
He simultaneously sold Omega’s former building at 100-110 Fay Ave. in Addison. That 16,375-square-foot building was purchased by a private investor entered into a short-term leaseback to accommodate Omega’s timing until the company’s new facility was ready for occupancy. Antonelli represented the buyer in the Fay Ave. transaction, which closed in December 2021.
