Cushman & Wakefield has completed $2.3 million sale of 1950 Mannheim Road in Melrose Park to Sureway Tool & Engineering Company. The property was sold by Midwest Can & Container Specialties.
Associate Director, Jay Maher, and Senior Director, Larry Goldwasser, of Cushman & Wakefield’s Industrial Brokerage team represented Midwest Can & Container Specialties in the transaction, as they have done in the past.
“When Midwest Can & Container Specialties outgrew their Mannheim Road facility we assisted them in consolidating three locations into a larger 200,000 square foot unit in Franklin Park,” said Maher.
1950 Mannheim Road is a highly visible address situated within close proximity to O’Hare International Airport and major expressways. The 63,888 square foot building sits on 3.17 acres of land and features 22 foot clear ceilings, 7,000+ square feet of office space, nine exterior docks and a drive-in door.
Sureway Tool & Engineering purchased the property with the intention to use it as a fulfillment center. The new Sureway Tools & Engineering Fulfillment Center is currently undergoing $1.35 million in capital improvements that include replacing the roof, installing new warehouse and office windows, installing new HVAC throughout, adding fencing, and painting.
Presently, the overall vacancy rate for industrial space in the area is 8.3%, while overall net absorption totaled 1.2 msf, according to Cushman & Wakefield’s second quarter market update.