Brown Commercial Group has completed the sale of a 37,500-square-foot industrial building in Addison. The building at 1040 W. Fullerton Ave. went under contract so quickly that it bypassed the traditional listing process.
Associate Mike Antonelli of Brown Commercial Group in Elk Grove Village completed the transaction for the seller, a private investor.
“Chicago’s suburban industrial market continues to strengthen and has been particularly active during the past six months,” Antonelli said. “This type of fast-paced activity shows the resiliency of the suburban industrial market, particularly for investors and small to mid-sized users.”
The two-unit building is in the Addison Industrial Park and features frontage along Fullerton Avenue, a busy thoroughfare through the area. A portion of the building is leased to a long-term tenant while the balance of the building will be utilized by the buyer. The new buyer recognized the opportunity to build value through long-term leasing or continued appreciation from positive momentum in the market.
The parcel is approximately 2.5 acres and includes outside storage and/or trailer parking.
The buyer, also represented by Antonelli, is an investor who owns several commercial buildings in the area and saw the value in buying as the market continues to improve. The price was not disclosed.
