NAI Hiffman is conducting the sealed bid auction for Parker Hannifin. The building, which was constructed in the 1970s, has been vacant since 2007. "They are selling the real estate because they have consolidated into another location in Des Plaines, [IL]," says Larry Much, EVP with NAI Hiffman's industrial services group. The building will likely be demolished. "The requirements for updating it are way beyond cost efficiency," he says.

The property is adjacent to the proposed Elgin-O'Hare expressway extension on Thorndale Avenue and is near O'Hare International Airport, which is also expected to be expanded, Much says. The parcel is one of the last largest parcels available in the area.

Bensenville rezoned the property to C-4 to allow for retail and office development in preparation of the expressway extension and airport expansion, Much says. However, it will likely be at least a few years before the two projects are under way and the property would sell for more if it could have an industrial use, he says. "This is a prime piece of land," he says. Much, Eric Tresslar and Adam Marshall, all with NAI Hiffman's industrial services group, are the auction brokers.