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MORTON GROVE, IL-CenterPoint Properties, based in Oak Brook, has sold a 290,000-sf industrial building at 8220 N. Austin Ave. to Weiss Properties, based in Skokie. CenterPoint had purchased the building from Lawnware Products in November, says Whit Heitman, principal with Paine/Wetzel•Oncor International.
Heitman, executive vice president Ed Barnett and vice president Samuel Badger Jr., all with Paine/Wetzel•Oncor International, represented both the buyer and the seller in the transaction. In the sale to CenterPoint in November, both CenterPoint and Lawnware Products were represented by Heitman and Barnett. Heitman would not disclose the sales price, but the asking price was $9.3 million or $32 per sf. CenterPoint reportedly purchased the property last year for $5.4 million and sold it to Weiss for $7.4 million. Since the building is currently vacant, Heitman said he could not estimate a cap rate.
Lawnware sold the building, in November, and then leased it from CenterPoint for about six months but the building is now vacant. While CenterPoint had been looking for tenants, Paine/Wetzel•Oncor International found a prospective buyer, Heitman says.
Weiss purchased the property because "the price was attractive and the building was built so that it could be divided," Heitman says. Weiss plans to divide the property into units, which they will either sell or lease. Weiss currently has a letter of intent from a distributor to lease 40,000 sf, Heitman tells GlobeSt.com. The asking rate for the building is $4.50 per sf, net, Heitman says. The building sits on 12.77 acres with about three acres of extra land that could be used for storage of trailers or to expand the building.
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