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BARTLETT, IL-JIT Packaging has sold the 259,000-sf building it occupies at 1452 Brewster Creek Blvd. to Boston-based Cabot Partners. The sales price was $14.6 million, says Brian Carroll, senior vice president of industrial services for Grubb & Ellis.
Grubb & Ellis represented JIT Packaging in the sales transaction. Carroll estimated the cap rate at 7.5%. Cabot Partners was represented by Andrew Ebbott.
JIT, a wholesale packaging supply company, had been leasing space in Elgin and Schaumburg. The company consolidated operations last year in the building in Bartlett in the Brewster Creek Business Park, Carroll says. The business park "was a nice middle ground between Elgin and Schaumburg," Carroll says.
The 259,700-sf building is located on 15.7 acres and was developed by Elgin-based Capital Realty and Development with Bartlett-based Insite Construction as the general contractor. JIT purchased the building for $11.9 million, he says. The facility has 4,000 sf of office space, double-loaded docks, 30-foot ceilings and expansion capability of 50,000 sf. The building was designed so that it could be divided for multiple tenants at a later date. "It could be easily divided into four units. It was designed for that and every corner has an office component," Carroll says.
Grubb & Ellis and Pat Sullivan, principal with Converse Capital, marketed the property for the sale-leaseback, Carroll says. Cabot purchased the building "because the investment market is so strong in Chicago…and Brewster Creek is an emerging industrial park in the middle of DuPage County, which has become a very active market," he says. The property also has an extra three acres and "has great exposure in the park on a major road," Carroll says.
JIT signed a 10-year lease for the building, he says. Carroll would not disclose the lease rate but said that the asking rate for available space in the business park is $4.95 per sf net.
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