Entre Commercial Realty completed the sale of an 82,000-square-foot building at 1700 Kiefer Drive in Zion, Illinois. As part of a multi-faceted transaction, the building’s previous tenant, Kiefer Associates, agreed to an early termination of a long-term lease on the entire building and entered into a short-term master leaseback for a smaller portion of the property.
The property was then sold to an investment group which includes the principals of American Eagle Packaging Company—a regional, full-service packaging company specializing in vendor-managed inventory programs and just-in-time delivery service. Entre’s Dan Benassi, SIOR, Dan Jones, SIOR and Sam Deihs were the sole brokers in the transaction. Entre has also been retained to manage and lease the property going forward.
American Eagle Packaging will move into a portion of the facility and use this location to serve its customers in far northern Illinois and Wisconsin. The remainder of the building will be subdivided into three additional units offering tenant spaces ranging from 8,000 square feet up to 40,000 square feet. Each unit will feature upgraded office space, dedicated truck loading areas, 21-foot clear ceilings and white-boxed warehouse space.
Exterior improvements will include paint/façade upgrades, roofing, landscaping and parking area upgrades. The building also features extra land for potential outdoor storage, truck/trailer parking or expanded vehicle parking.