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Illinois Industrial Tool Consolidates in Bridgeview

BRIDGEVIEW, IL-The acquisition of this 175,000 sf warehouse will enable the buyer to consolidate three of its current warehouse facilities.

By Bonnie Grota | Updated on August 27, 2003

BRIDGEVIEW, IL-The acquisition of a 175,000-sf warehouse in southwest suburban Bridgeview at 8811 S. 77th Ave. by Illinois Industrial Tool was arranged by Cushman & Wakefield Inc. The purchase will enable a consolidation of three of the buyer’s warehouse assets.

C&W senior director Walter Murphy negotiated on behalf of hand tool wholesaler IIT in purchasing the industrial property. The previous ownership, an investment group, abandoned the facility following the default of leaseholder Trak Auto. Lennar Partners, which took the building deed in lieu of foreclosure, was represented by James Pater and Lynn Reich of Colliers Bennett & Kahnweiler Inc. in disposing of the vacant asset. Sales price was not disclosed.

Because the deal, which marks Murphy’s eighth transaction for Illinois Industrial Tool, was executed at a below-market purchase price, IIT was able to provide 100% financing for the building and improvements. Planned upgrades will include a new roof, a new parking lot and additional office space.

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