Lee & Associates has closed a $1.24 million sale transaction for 23810 Industrial Drive, an 18,550-square-foot industrial building in Plainfield, Illinois.
Terry Grapenthin and Jeff Galante, principals of Lee & Associates’ Illinois office, represented the buyer, a user/private investor who was in need of satisfying an exchange as well as accommodating their company’s space needs. The Grapenthin/Galante team handled the disposition of a larger asset months earlier for the purchaser. Caton Commercial represented the private investor seller.
“The South I-55 Corridor is very tight for smaller, A and B assets that can be purchased in this size range,” Grapenthin said. “Demand is high, so when these properties come available they usually sell quick. Limits on readily available land, cost of construction and time to construct play a major role in the diminishing velocity of these smaller availabilities.”