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FRANKLIN PARK, IL-KTR Capital Partners, headquartered in New York, NY, has acquired the 671,000-sf manufacturing and warehouse facility at 10800 W. Belmont Ave., here. The property was formerly occupied by Werner Co., the ladder manufacturer which filed for bankruptcy, says John DiCola, partner at KTR.

DiCola said he could not disclose a sales price or cap rate, though his firm reportedly acquired the property for about $20 million. The seller of the property was a partnership which acquired Werner's assets, he says. Werner sold its assets earlier this year to a group of investors including Black Diamond Capital Management LLC, Brencourt Advisors LLC, Levine Leichtman Capital Partners III, L.P., Milk Street Investors LLC, Schultze Asset Management LLC and TCW Shared Opportunity Funds, according to a released statement from Werner

The building is on 31 acres and "has good frontage on I-294," DiCola says. KTR will "clean out the space" and do some deferred maintenance and capital improvements, he says. KTR is still in the budgeting process for the renovations and an estimate was not available. The building has a total of 25 exterior dock doors, 26 interior loading docks, parking for 70 trailers and parking for approximately 350 vehicles.