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Village Rezones Property for Office, Retail

BENSENVILLE, IL-NAI Hiffman is auctioning the site, with its 259,000-sf industrial building, for owner and former occupant Parker Hannifin.

By Gina Kenny | Updated on March 14, 2008

BENSENVILLE, IL-The former Miller Fluid Power headquarters, at 800 N. York Rd., could sell for more than $20 million as an industrial property but is expected to fetch less because the village has rezoned the property. Parker Hannifin Co., with corporate headquarters in Cleveland, is auctioning the building, which is located on a 35-acre site.

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.

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