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Sanfilippo & Son Pays $48M for Panasonic Campus

ELGIN, IL-Acquisition of the 1.1-million-sf office and industrial campus at 1707 Randall Rd. is a shift from earlier plans to redevelop the former Elgin Mental Health Center, which will likely go to market.

By Mark Ruda | Updated on May 09, 2005

ELGIN, IL-John B. Sanfilippo & Son, Inc. has paid $48 million for Panasonic Corp. of North America’s 1.1-million-sf campus at 1707 Randall Rd. here, a move that will have a ripple effect in Arlington Heights, Des Plaines and Elk Grove Village. The deal here involves a 445,000-sf office building, a 655,000-sf production warehouse that can be expanded, as well as 95 acres along the Northwest Tollway.

The Elk Grove Village-based snack food maker shifted gears last year, deciding to buy the Panasonic property rather than the former Elgin Mental Health Center further east. Having spent $6.3 million on the state facility, John B. Sanfilippo & Son still plans to pour in another $1.7 million to redevelop the site and then sell it, according to a recent Securities and Exchange Commission filing.

The company had been in the market for build-to-suit facility when the Panasonic campus became available, says Grubb & Ellis vice president Frank Griffin. However, the property was not heavily marketed, adds senior vice president Brian Carroll, who represented John B. Sanfilippo & Son with Griffin and senior associate Dominic Carbonari.

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