Clear Height Properties has acquired the vacant industrial building at 345 South Fairbank in Addison, and following redevelopment of the property, intends to market it for either lease or sale, targeting the building as a single-tenant asset.
Transwestern represented the seller of the property and is marketing the property. The purchase price of the asset was not disclosed.
The building at 345 S. Fairbank totals 31,385 square feet of space and includes a 900-square-foot mezzanine. In its current condition, the building has 2,275 square feet of office space, but the new owner has flexibility to meet the specifications of a new tenant.
Immediately upon acquisition, CHP began an extensive capital improvement package to enhance the appeal and functionality of the property, which was originally developed in 1973. Elements of the renovation and repositioning include new mechanical systems, LED lighting, roof repairs, masonry repairs, asphalt repaving, refurbishing of the dock doors, and interior work to bring it to a standard baseline that then can be modified according to tenant needs.
Justin Lerner, who along with Joe Karmin and Ross Lehrman, all of Transwestern, is marketing the asset, said the ability to transform older assets like 345 South Fairbank is significant because of the demand for space at or about 30,000 square feet, where overall vacancy in DuPage County has remained tight at just over 5 percent as of the end of the third quarter.