BOLINGBROOK, IL-G&W Electric Co., a manufacturer and distributor of high voltage electrical distribution equipment, has purchased an empty 350,000 square foot industrial building for its use as a new world headquarters. The building at 305 Crossroads Pkwy. here, across from Crossroads Business Park, was sold for $10.3 million by Prudential Real Estate Investors.
The property was previously leased to tenants such as Exel and Ty Inc. Ty leased 270,000 square feet of warehouse and distribution space at the property in the late 1990s.
G&W purchased the building, which includes 7,500 square feet of office. The company plans on doing an extensive build-out and retrofit of the property to suit its manufacturing process for medium and high voltage electrical equipment. The 106-year-old firm is relocating from its current headquarters from Blue Island, IL.
There have been a few large transactions of industrial in the Interstate 55 Corridor, which has about 72.5 million square feet of inventory greater than 10,000 square feet, and a vacancy of about 9.2%, according to a first quarter Grubb & Ellis report. Other sales include KTR Capital paying $7.4 million for the 182,400-square-foot 605 Territorial Dr. in Bolingbrook from BPG Properties Ltd., at about $40 per square foot.
Edward Wabick and Brandon Wright with Paine/Wetzel ONCOR International represented G&W in the transaction. Jerry Sullivan worked on behalf of the seller.
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