Marcus & Millichap closed the sale of 545 E. Algonquin Road, a 111,667-square-foot flex industrial property in Arlington Heights, Illinois. The property sold for $13 million.
Peter Doughty, investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor.
Built in 1990, the property is fully leased to two long-term tenants. Intertek Testing Services, a global product testing and certification firm, occupies 85% of the space and has been a tenant since 2004.
GigeNET, a provider of dedicated, cloud, hybrid and colocation hosting solutions, occupies the remaining 15% and has operated from the facility since 2006. The building is located five miles from O’Hare International Airport, directly off the Interstate 90 and Arlington Heights Road interchange.
