STREAM Capital Partners, LLC, a national net lease and sale-leaseback advisory group, recently arranged for the sale of a 200,000 square foot net leased industrial property in Elk Grove Village, Illinois.
The property is 100 percent occupied under a long-term, absolute triple-net lease by Material Sciences Corporation, a leading technology provider of metal solutions for acoustical, light-weighting and coil coated applications.
Adam English, Phil DiGennaro and Chelsea Mandel of STREAM Capital Partners represented the seller, a partnership between Jera Partners LLC and a fund managed by DRA Advisors LLC, in the transaction.
“This was a great deal to get done in what has quickly become a challenging market,” English said. “Everyone involved from buyer and seller to attorneys, vendors, mortgage brokers, etc. worked hard to get the deal over the finish line to closing.”
The buyer was Midtown Capital Partners LLC, a Miami, Florida-based real estate investment and asset management firm with $700 million dollars under management across industrial, office and retail properties.
“We had great interest from a number of buyers due to the excellent location of the property and strong credit tenant,” said DiGennaro. “However, the coronavirus situation definitely posed a unique challenge in terms of the lending market.” Mandel added that “despite the temporary and unforeseen headwinds we are facing, we are long-term positive on industrial properties and the O’Hare submarket, where the property is located.”
