Greenstone Partners 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, possibly to one tenant or by demising into a multi-tenant building. The property is considered among the top-tier industrial assets in the Champaign/Urbana industrial submarket, with a 32-foot clear ceiling height, fully cooled/heated HVAC system throughout, a new 20-year TPO roof and zero deferred maintenance.
“This was a unique opportunity where we were able to sell a value-add, Class-A industrial building with an in-place income,” said Paul Tesdal, managing partner at Greenstone Partners. “The quality of the asset and long-term upside were reinforced in the pricing and aggressive timeline from contract to closing.”
Greenstone Partners exclusively represented the seller in the transaction, a Chicago-based family office. The investment garnered multiple offers on a nationwide basis. The buyer, an East Coast investor closed within 21 days of signing the sales contract.