The corporate headquarters of Filtran LLC in Des Plaines has traded in a $6.3 million deal brokered by Jordan Shtulman and Jonathan Wolfe of STREAM Capital Partners. Stream represented Inland Opportunity Fund in the sale of the property located at 875 Seegers Road in Des Plaines.
Inland Opportunity Fund is part of the Inland Group of Real Estate Companies. The buyer was an East Coast-based REIT that assumed an existing loan on the property.
Inland Opportunity Fund initially acquired the 115,472-square-foot industrial property in a sale leaseback five years ago with the tenant, a portfolio company of Chicago-based private equity group, Madison Capital Partners.
The masonry building is located on a large 8.33 acre parcel and was originally constructed in 1986. It features 28-foot clear heights in the warehouse and production area and seven dock-high doors and one drive-in door. The remaining term of the lease is approximately 11.5 years. It is an absolute triple net lease with no landlord responsibilities and features annual rent increases.
“The sale represents the strength of the Chicago and, in particular, O’Hare- area industrial market,“ Shtulman said. “There are not many opportunities for investors to acquire long-term net leased industrial properties with strong tenants such as Filtran. We continue to see very strong demand for industrial product from both private and institutional buyers.”
“The assumable loan presented a challenge on the transaction, but the buyer and seller were able to work through this process fairly easily, to the credit of all of the individuals involved in the transaction,” Wolfe said.
