Colliers International has recently negotiated a new long-term lease for Hegele Logistics and a sales transaction for an investment entity controlled by the principals of Venture One Real Estate, LLC, both in the O’Hare market.
In the lease transaction, Matthew J. Stauber, principal; and Thomas C. Rodeno, senior vice president, both with the Industrial Advisory Group of Colliers International | Chicago, represented Hegele Logistic, LLC in a 207,000-square-foot new long-term lease at 855 N. Wood Dale Road in Wood Dale. The owner of the building is AMB Property Corporation which was also represented by Stauber and Rodeno. The key contact at AMB is Carter A. Andrus, vice president of leasing and transactions.
“Hegele was attracted to the building because of its high image and modern features in addition to the low DuPage County property taxes,” said Stauber in a release. “It was also one of the few cross-docked spaces available in the O’Hare market.”
In the separate sales transaction, Ronald J. Behm, principal; and Rodeno, senior vice president, both with Colliers International’s Chicago-area Industrial Advisory Group, represented an investment entity controlled by the principals of Venture One Real Estate, LLC in the sale of 1150 S. Lively Boulevard, Elk Grove Village. The sale transaction closed on April 1, 2011 and the buyer was Chicago Parts and Sound.
1150 S. Lively Boulevard is a 62,597-square-foot rail-served manufacturing building constructed in 1970. It features a large 123-car parking lot and heavy power. It was recently renovated by the seller with improvements including a new office ceiling and lights, T-5 lighting in the warehouse, and epoxy flooring in the warehouse. In addition, the seller took the property through a Class 6B tax incentive process which helped to create a competitive real estate tax advantage for the new buyer over a 12-year period. The new buyer relocated from Wood Dale in DuPage County. This transaction represents one of the few business relocations from DuPage County to Cook County. Securing the Class 6B program was critical to this transaction. Vacant at the time of sale, the building was most recently occupied by Flextronics as an electronic assembly point.
Chicago Parts & Sound is a provider of auto parts and electronic fulfillment, repair and installation services to new car dealerships. The company previously occupied approximately 16,000 square feet at 635 Wheat Lane in Wood Dale and is expected to begin operations at the new facility immediately. The buyer was represented by Mike Magliano and Sean Henrick of Cushman & Wakefield.