Lee & Associates has negotiated the purchase of two industrial buildings— a 36,092-square-foot industrial building in Romeoville, Illinois, and the sale of a 44,300-square-foot industrial warehouse building in Glendale Heights, Illinois.
Romeoville 36,092-square-foot industrial building
Lee & Associates has closed an investment sales transaction for a 36,092-square-foot industrial building located at 1201-1225 Naperville Dr. in Romeoville.
Principals, Jeff Galante and Terry Grapenthin, at Lee & Associates’ Illinois office, represented the buyer, Value Industrial Partners, an owner of more than 4 million square feet of industrial buildings throughout the Chicago area.
Brian Gedvilas of Value Industrial Partners, said they are excited to add this building to their portfolio. “We own several other buildings in the area and this building is a great fit within our portfolio which we continue to grow. It was great working with Terry and Jeff on this transaction. Their market knowledge and expertise was appreciated throughout the process.” The seller was JJH Management LLC.
Grapenthin said that with I-55 becoming almost exclusively institutionally owned, it is certainly a challenge to find these off market deals in the corridor. “We were in conversations with the seller for a few years. Timing and interest from our buyer finally lined up. It was nice to get another one of these done as they are becoming fewer and further between despite the equity interested in placing in I-55.”
Glendale Heights sale of a 44,300-square-foot industrial warehouse building
Lee & Associates has also closed a $2.485 million investment sale transaction for a 44,300-square-foot industrial warehouse building located at 490 Windy Point Dr. in Glendale Heights.
Michael J. Plumb, principal and Michael Androwich, Jr., associate at Lee & Associates’ Illinois office, were the sole brokers involved in the transaction. The seller was Premium Properties & Development, LLC. and the buyer was High Street Realty Company, LLC.
