Coldwell Banker Commercial Devonshire Realty closed the $11.5 million sale of a 182,084-square-foot warehouse in Champaign, Illinois.
The property, at 2802 Bloomington Road, encompasses 30 acres.
AJ Thoma III with Coldwell Banker Commercial Devonshire Realty represented the seller, Ravel Properties, LLC. According to Thoma, the intended use of the space is an agricultural chemical company.
Thoma said he first took the listing in fall of 2018 with minimal term left on the building. At the time, the tenant had announced the closure of the facility in the coming year, but delays in relocation plans delayed their departure until the fall of 2023.
Utilizing a separate broker, the property owner sold to an investor coming out of a 1031 exchange in 2020. After sitting on the market vacant for about a year and a half, with another broker, Thoma was enlisted to once against represent the property.
