(Read more on the industrial market.)
FRANKLIN PARK, IL-TA Associates Realty, headquartered in Boston, has acquired a 325,000-sf industrial building at 3708 N. River Rd. The seller was CenterPoint Properties, based in Oak Brook, says Brian Colson, executive vice president with NAI Hiffman's industrial services group.
Colson and Lawrence Goldwasser, also with NAI Hiffman, represented both CenterPoint and TA Associates in the transaction. Colson would not disclose a sales price but said that it was "far below" the more than $100 per sf to construct a similar building in the area. Sources peg the amount at around $22 million. A cap rate was not disclosed.
The building is currently 65% leased. Tenants in the building include J.S. Pauluch and Dealer Tire LLC, Colson says. The asking lease rate is $5.50 per sf, net. NAI Hiffman will lease and manage the property. TA Associates plans to add about 100 parking spaces to the site and may retrofit the building for freight-forward tenants, Colson says. The firm typically has a minimum hold of four to six years, he says.
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