Leveraging current market conditions in the commercial real estate industry, Kinter Co. has acquired an 84,000-square-foot industrial facility in Waukegan. A team of industrial professionals from Newmark Knight Frank Epic completed the assignment for the buyer. The purchase price was not disclosed.
In acquiring the building that is located at 3333 Oak Grove Ave. in Waukegan, Kinter will significantly expand its operations, moving from a 30,000-square-foot facility in Gurnee.
Kinter is a direct mill importer of metal/plastic fasteners and hanging hardware items for the point of purchase sign and display industries. The company was founded in 1980. It features more than 800 off-the-shelf items to choose from and millions of display/sign assembly products in stock.
Kinter purchased the building in shell condition and has made significant improvements by adding offices and additional warehouse improvements and moved into their new headquarters in early January.
The building was developed in 2006/2007. It features 28-foot clear ceiling heights, parking for 106 autos, eight exterior docks and two drive-in doors. The building is situated within the Oak Grove Business Park, in close proximity to Route 41 and the Waukegan Regional Airport.
Thomas Boyle and Jared Paff, both industrial specialists with Newmark Knight Frank Epic, represented Kinter in the building acquisition. Jack Rosenberg, SIOR; Fred Regnery; and Ned Frank, all of Colliers International, represented building ownership, JP Morgan Investments.
With the acquisition of the building, Kinter has retained the Newmark Knight Frank Epic brokerage team to market its former facility for disposition. That building, located at 3982 Ryan Road in Gurnee, is 30,000 square feet. It was custom built in 2005 for Kinter. Features of that building include a high level of premium office space—7,182 square feet—and 24-foot clear ceilings. It also has two exterior docks and three drive-in doors.
According to Boyle, the building is suited for food, pharma packaging, distribution and printing companies, among others. It will be especially attractive, he said, for a company requiring high-end offices and 24-foot feet clear height in a free-standing facility.
