"Schenker's growth plans for the Chicago market called for a larger, high-profile building closer to O'Hare," says AMB Property Corp. vice president of development James E. McGill. In addition to the lease in Elk Grove Village, AMB Property Corp. also acquired the Bensenville property for $2.7 million and is leasing it back to Schenker.
Schenker is expectedto move into the Nicholas Boulevard building by the end of March. The company also leases space in AMB Property Corp. buildings in Atlanta, Dallas and Seattle. Greg Wright of Paine Wetzel represented Schenker along with David Albert of Codina Realty Services.
Randy Podolsky and Richard Levy of Podolsky Northstar Realty Partners represented AMB Property Corp., whose local portfolio totals 14 million sf, in the Bensenville sale-leaseback as well as the Nicholas Boulevard lease. AMB Property Corp. has 80% of its local portfolio within 10 miles of the world's busiest airport.
Meanwhile, Panattoni Development Corp. acquired a 65,745-sf warehouse and manufacturing building at 1850 Arthur Ave. in Elk Grove Village for $2.3 million. The seller, Heritage Industries, relocated to Carol Stream. NAI Hiffman senior associate Brian Colson represented Panattoni Development Corp., which financed almost all of the purchase with a loan from Midwest Bank at 2.28%, according to property records.
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