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Air Freight Terminal Goes for Record $8 Mil

ELK GROVE VILLAGE, IL-The price is reportedly the highest paid for an air freight terminal in the Chicago area.

By Bonnie Grota | Updated on December 15, 2000

ELK GROVE VILLAGE, IL-A 102 crossdock industrial facility at 900-952 W. Fargo St. here has been purchased by W.P. Carey & Co. The air freight terminal was acquired from Towne Air Freight Inc. for a gross price in excess of $8 million.

Kenneth J. Szady, SVP of investment sales and finance, along with Thomas G. Barbera, VP of Industrial Services for the Trammell Crow Co., structured the sale/leaseback transaction for the facility located near O’Hare International Airport. Barbera negotiated a long-term bondable lease with the tenant, Towne Air Freight, with an aggregate value in excess of $15 million, while Szady arranged the capital market efforts to achieve the off-balance sheet financing requirements of the owner. The transaction reportedly is the highest price paid for an air freight terminal in the Chicagoland area.

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