(To read more on the industrial market, click here.)
LOVES PARK, IL-Oak Brook-based Inland Group has purchased a manufacturing facility for $20 million at 1354 Clifford Ave. The 50-acre site was sold by McLaren Rockford LP, a partnership based in California, says Howard Wiese with Marcus & Millichap. The 545,000-sf manufacturing building is on about 10 acres of the site.
Wiese represented the seller in the transaction and Ted Lyon, with Marcus & Millichap, represented Inland Group. McLaren Rockford LP had owned the property for approximately 15 years. "This is just a matter of basically taking profit," Wiese says. "Certain investors wanted to cash out basically; that is the only reason."
Inland purchased the property for the full asking price. "They have been interested in industrial buildings for a little bit of time now and, I believe, they are just buying it to diversify their portfolio," Lyon says. There were approximately 10 offers for the property, Wiese says. "We had several offers at full list price but a lot of them were private guys that potentially might not have had the capabilities of putting financing on it," Lyon says.
The building, which was constructed in the 1950s, is leased by TAC LLC, a wholly owned subsidiary of France-based Schneider Electric. The Loves Park location is the headquarters for the company's field devices product division. The building was originally constructed for Barber-Colman and has undergone several mergers over the years. Since the building was constructed, controls for commercial air conditioning systems have been manufactured in the facility, Wiese says.
TAC LLC has a lease until April 2012. The current lease rate is $4.51 per sf, which will increase to $4.69 per sf in April, Wiese tells GlobeSt.com. No major renovations are planned for the building by Inland. The tenant has plans to replace the roof in the near future, Wiese says.
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