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.
A minimum bid amount has not been set with Parker Hannifin expected to sell "if the numbers are reasonable," Much says. "We know if it was zoned industrial, the way it should have been, this property would be worth a lot of money," he says. The property would likely sell in the "mid to upper $20-million range" if it was zoned industrial, Much tells GlobeSt.com. Bidders are expected to run the gamut of developers to "people wanting to park money right now," he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
