Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of vacant value-add industrial, a 125,131-square foot industrial property located in Elgin, IL, according to Joe Powers, regional manager of the firm’s Chicago Downtown office. The asset sold for $4,250,000.
Peter Doughty, an investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
“340 Renner Drive is an asset that could lend itself to either a value-add oriented investor or owner-user. Having procured offers from multiple buyer profiles, the purchaser was ultimately an owner-user who will be consolidating multiple businesses under one roof” said Doughty.
The transaction did not contain a financing contingency and was closed ahead of schedule.