Clear Height Properties, which owns and manages industrial and office properties throughout the Chicago metropolitan area, has acquired a multi-tenant industrial building at 464-480 Country Club Drive in Bensenville, Illinois. Terms of the deal were not disclosed
At the time of acquisition, the Country Club Drive building was 100 percent vacant. The 30,000-square-foot building was constructed in 1973 and is used primarily for warehouse distribution and light manufacturing purposes.
Clear Height is undertaking comprehensive renovations and improvements to the exterior and interior of the property. Exterior capital improvements will feature a redesign of front elevation with new landscaping and facade work, including masonry/flat work. Additionally, new concrete sidewalks, a new asphalt parking lot, new dock staircase(s) and overhead doors also will be added.
The property consists of four individual units; two are 10,000 square feet and two are 5,000 square feet. Each unit features its own designated loading docks with the larger 10,000 square foot units also having their own designated drive-in doors. Units will be upgraded to turnkey spec suits that will include brand new paint and carpet throughout the office area, upgraded LED lighting throughout office/warehouse and warehouse interior walls painted.
The acquisition underscores one of the core elements of Clear Height’s acquisition strategy, which is to buy multi-tenant, flex office/industrial buildings whose tenants are small to mid-size businesses. In cases like the Country Club Drive acquisition, Clear Height also plans a value-add investment strategy by executing an aggressive capital improvement plan that ultimately will result in stabilizing the property with long-term tenant commitments.
“This represents what has become a signature acquisition for us at Clear Height,” said Rick Nevarez, director of acquisition and leasing, Clear Height Properties. “We continue to see great value and opportunity in buildings like Country Club Drive that aren’t on the radar of a lot of investors because of their size or age. These properties allow us to cater to and support small- to mid-size businesses that are the cornerstone of our economy.”