Brown Commercial Group partner, Mike Antonelli, represented both the buyer and the seller in the sale of a 22,596-square-foot building at 330 Fay Avenue in Addison, Illinois, in Chicago’s DuPage County submarket. Financial details were not disclosed.
The seller was an out-of-state private partnership. The buyer was a tenant, Stuever and Sons, which provides bar and restaurant equipment installation, remodeling and upgrading in the Chicago area.
In 2016, Antonelli had advised the seller to divide the building into two tenant spaces to maximize its value in the marketplace. Stuever and Sons committed to leasing half of the space before the completion of construction. The company exercised its first right to purchase the building and will continue operating the business out of the user-investor building.
“Chicago’s suburban industrial market continues to draw tenants and investors due to its strong fundamentals and proximity to major transportation routes and strong labor pools,” said Antonelli. “This owner gained the benefits of a repositioned building with strong income growth potential.”
The building has 3,000 square feet of office space, two interior docks, four exterior docks, one drive in door and 50 parking spaces. It offers access to I-355, I-290, I-294, and O’Hare Airport. The second unit in the building is leased to Airgas Dry Ice Store on a long-term basis.
