David Tropp, Keith Puritz and Brett Kroner, Ryan Bain and Zach Graham, all with CB Richard Ellis, represented Pactiv Corp. and CenterPoint in the sales transaction. Pactiv used the facility for distribution and packaging of metal cooking and food trays, says Kroner, a SVP with CB Richard Ellis. Pactiv will move out of the building by the end of this month. The company is vacating the facility because they have constructed an addition to expand a facility at Wheeling Road and Hintz Road, here, to approximately 400,000 sf and will be consolidating the two locations, he says.
The building, which is in the North Cook Industrial submarket, was constructed in 1978 on a 15.2-acre site. The facility has about 15,000 sf of office space and 24 feet clear ceiling height. "The building had a lot of upside to it," Kroner says. The property now has a Class 6B real estate tax status, allowing for a reduction of property taxes by about 50% for the first 10 years, with an additional two years of taxes reduced at a lower rate, he says. Additionally, the building can be expanded and there is trailer parking with the potential of rail service, he says. CenterPoint plans a "cosmetic" renovation of the building, both exterior and interior, in the fall.
CB Richard Ellis will remain the marketing agent for the property. The asking lease rate is $4.50 per sf, net, Kroner says.
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