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ELGIN, IL-Arburg USA has purchased a 6,000-sf condominium unit at 2585 Millennium Dr., part of the new 67,000-sf WestPoint at Elgin Corporate Center. With the purchase, about 60% of the first 30,000-sf building is bought or leased, says Jonathan Malm, president of ICE Realty Group, based in Des Plaines.
Arburg, a manufacturer of plastic injection molding machines, has its international headquarters in Germany with a few offices across the US. John Joyce and Al Wahlig, both of Cushman Wakefield, represented Arburg. Malm would not disclose the terms of the sale. Listings by Grubb & Ellis Corporate show the price for units at 2585 Millennium Dr. as $97.03 per sf.
Arburg USA is relocating from its current location in the Fox Valley area to WestPoint because they are expanding "not just physically; but, also, the nature of the operation," Malm says. The company plans "to create a showroom for their clients to come and see their equipment and also to do some test run operations," he says. The company should be able to move into the space by April 1, he says. Malm did not have a cost estimate for the work on the unit.
WestPoint is being developed by ICE Realty Group and TCB Development, of Tinley Park. The 4.74 acre development will consist of two buildings of office and warehouse condominiums, Malm says. The first 30,000-sf building was completed last year, he said. The groundbreaking for the second building, which will be 37,000 sf, will occur by the end of the month, he tells GlobeSt.com. Both pre-cast concrete buildings are designed with 18-foot clear heights, Malm says. The 37,000-sf building, costing $6 million, should be available for occupancy by the fall, he says.
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