Greenstone Partners successfully sold a 182,084-square-foot industrial building, located at 2802 Bloomington Road, in Champaign, Illinois. The property is 100 percent leased to Rockwell Automation under a short-term, net lease, with the tenant planning to vacate upon expiration.
The buyer bought the building on a speculative basis with plans to lease-up the property within the next 12 to 18 months to a single tenant or by demising into a multi-tenant building. The property is considered among the top-tier industrial assets in the Champaign industrial submarket, with a 32-foot ceiling clear height, fully cooled/heated HVAC system throughout, a new 20-year TPO roof and zero deferred maintenance.
Greenstone Partners exclusively represented the seller in the transaction, a Chicago-based family office. The investment garnered multiple offers on a nationwide basis. The ultimate buyer, an east coast investor closed within 21 days of signing the sales contract.
