Lee & Associates recently negotiated two transactions in the northern portion of Chicago’s metro area. The company brokered a two-parcel land sale in South Elgin, Illinois, as well as an industrial building sale in Zion, Illinois.
In the first transaction, John Cassidy, principal, Ken Franzese, principal, and Nick Eboli, senior vice president of Lee & Associates’ Illinois office represented the sellers in a $5.35 million sale transaction for two separate parcels in South Elgin. John Suerth of CBRE represented the purchaser, Pure Development, out of Indianapolis.
Totaling 25.88 acres of vacant land located within the Bowes Road Business Center, the land was acquired for the build-to-suit of a new state-of-the art terminal/distribution facility for Wayfair Furniture. Construction of the new facility is expected to begin immediately.
“The Park was ideally suited for this type of project due to its location and in-place zoning for a heavier industrial use,” Eboli said.
In a separate transaction, Jay Farnam, senior vice president of Lee & Associates’ Illinois office, represented Bednarz Tovar Series LLC in the $640,000 purchase of a 28,543-square-foot industrial building located at 3520 – 16th Street in Zion. The seller was STI Florist.