CHICAGO– Transwestern today announces it brokered the disposition of a 40,000-square-foot industrial facility located at 120 Fairbank St. in Addison, Illinois. Venture One Real Estate purchased the property from a private seller for an undisclosed price. Transwestern Principal Justin Lerner, SIOR, and Senior Director Joe Karmin represented the seller in the transaction and were retained to provide leasing services for the new ownership.
“Because the property is almost 40 years old, it presented a tremendous value-add opportunity, allowing us to solicit multiple offers from prospective buyers,” said Karmin. “Due to our longstanding relationship, we identified Venture One as an investor that would not only be interested in the building, but capable of executing the transaction in the seller’s desired timeframe.”
Built in 1979, 120 Fairbank St. includes six exterior docks, three drive-in doors, 1,500 square feet of office space. The property, which is divisible to 15,914 square feet, also offers convenient access to Interstate 355, located just over a mile west of the building.
“As this facility lends itself to users of various sizes and across multiple industries, we expect it to receive a significant amount of occupier interest,” said Lerner. “We’re looking forward to continuing our relationship with Venture One and hope to lease the 39,819 square feet of available space quickly.”
Venture One plans to implement a capital improvement program that will include a new parking lot, roof and landscaping, as well as updated lighting and a complete rehabilitation of the existing office space.
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Chicago and Rosemont offices, follow @TranswesternCHI.