Steven Hirsch and John Joyce, CCIM of SVN Chicago Industrial helped secure the sale of the industrial building at 193-197 Northfield Road in Northfield, Illinois. Hirsch & Joyce represented the Sellers in the transaction. The 27,000-square-foot asset sold for $2,500,000 to an unnamed industrial owner-occupier. This was a unique transaction as the property is located in a rare industrial zoned area of the North Shore of Chicago.
The new owner, an industrial company, will occupy half of the building while sale/leaseback to the previous owner for the other half brings the vacancy back to zero. The trend for vacant industrial has been toward special use occupancy, however, this buyer brings the building back to its originally zoned use.The fact that it sold at the market offer price underscores the current demand for accessible industrial buildings in this market.
