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ML Realty Completes Pair with 251,000-SF Buy

ELK GROVE VILLAGE, IL-The company is buying the 251,076-sf industrial building at 2801 Busse Rd., next to a building it acquired last year.

By Gina Kenny | Updated on July 21, 2008

ELK GROVE VILLAGE, IL-ML Realty Partners, based in Itasca, IL, has acquired a 251,076-sf industrial building at 2801 Busse Rd. ML Realty acquired the property from a partnership of Australia- based Mirvac and CenterPoint Properties, based in Oak Brook, IL.

The building is at the intersection of Busse Road and Thorndale Avenue and is adjacent to the 251,076-sf building at 2701 Busse Rd. The two buildings were constructed by CenterPoint in 1997, says Michael Luecht, president and CEO of ML Realty. His firm bought the 251,076-sf 2701 Busse Rd. as part of a 21 building industrial portfolio, with a total of approximately 1.9 million sf, that was acquired for $122 million from CenterPoint Properties, as previously reported by GlobeSt.com. The building at 2801 Busse Rd. has 30 feet clear heights and 32 exterior dock doors. The building is currently vacant and the building at 2701 Busse Rd. is approximately half-occupied by Kennanetal, with the lease to expire soon, and the other half is occupied by a tenant on a month to month basis. The asking lease rate for the two buildings is $7.25 per sf, net, Luecht tells GlobeSt.com.

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