(To read more on the industrial market, click here.)
ELK GROVE VILLAGE, IL-CenterPoint Properties Trust has paid $2.9 million for a 51,600-sf warehouse at 1250-60 Lunt Ave., and did not have to look too far for tenants. The seller, Packaging Machines International, will lease about 25,000 sf with Matsui America Inc. taking the rest of the 27-year-old building in the Centex Industrial Park.
Although lease terms were not disclosed, asking net rates in the area for warehouse space range from $4.50 per sf to $5.75 per sf.
"PMI was looking to consolidate its space as they weigh their various real estate options for the future," explains Grubb & Ellis Co. senior associate Matt Mulvihill. He brokered the sale-leaseback with Grubb & Ellis Co. senior vice president Brian Carroll and Oak Brook-based CenterPoint Properties Trust senior vice president Brian Townsend.
Before the sale-leaseback, the one-story building last changed hands in 1988, selling for $1.9 million, according to property records.
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