Brown Commercial Arranges Sale of 3 Chicago Industrial Assets
Gilberts and Groves LLC purchased the properties, totaling 136,000 square feet, for $7 million. Two of the assets are in Elk Grove Village and the other is situated in Gilberts.
By IvyLee Rosario
Brown Commercial Group has negotiated the sale of three industrial assets in suburban Chicago. President Dan Brown was the sole broker for each deal, which Gilberts and Groves LLC purchased for a total of $7 million.
One of the buildings is located at 300-338 Arrowhead Drive in Gilberts, Ill. The facility comprises 24,400 square feet and offers six units, each with about 3,000 square feet of outdoor storage space.
The other two properties are located at 1340-1400 Higgins Road and 1425-1455 Tonne Road in Elk Grove Village, Ill. The Higgins asset features 61,515 square feet encompassing four units. Northern Glass was the previous owner and has signed a long-term lease to continue occupying 30,000 square feet in the building. A total of 27,000 square feet of office space is also included. The Tonne property is a multi-tenant building housing 10 units and totaling 51,000 square feet.
“In today’s tightening industrial market, there is a shortage of mid-sized suburban buildings for sale,” said Brown, in a prepared statement. “We were able to identify three buildings that fit the investor’s goals for income generation and long-term growth potential.”
Image courtesy of Brown Commercial Group