(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.

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