Brown Commercial Group recently represented Etymotic Research, a manufacturer of earphone and hearing enhancement products, in the sale leaseback of a 22,550-square-foot building at 41-65 Martin Lane in Elk Grove Village, Illinois. Vice President of Sales Mason Hezner represented the seller in the transaction.
The buyer was ProSource Wholesale, a large flooring distributor. ProSource plans to use the building as a showroom and warehouse for its products. Etymotic Research will lease back a small portion of the building from the new owner.
“This transaction allowed Etymotic Research to monetize its real estate holdings by selling in a strong market above asking price, while leasing back to meet their local space needs,” Hezner says. “Despite rising interest rates, we continue to see strong demand for industrial space in the Chicago market as inventory remains very low.”
Given the limited amount of space available in the O’Hare submarket, Hezner was able to generate multiple offers for the building and secure a buyer within a few weeks of its listing. The building, constructed in 1974, has two dock doors and four drive-in doors, and provides proximity to I-90 via Higgins Road.
ProSource has 145 locations nationwide and was looking for a new space in the suburban market. Colliers International’s Zach Kennedy represented the buyer in the transaction. ProSource will move into the building before the end of 2022.
