CHICAGO—The tight industrial market in northwestern suburban Schaumburg has attracted another user/investor. Samwon Tech, an industrial metal fitting supplier and manufacturer, has just purchased a 98,456-square-foot industrial building at 1261 Wiley Road for $5.15 million and plans to occupy part of it.

Built in 1983, the 11-unit property is fully-leased to tenants such as Sherman Williams, Prism Healthcare and the Kaman Corporation. Lee & Associates, a broker-owned commercial real estate firm, represented both sides in the negotiations.

“The buyer liked the ability to occupy a portion of the building while at the same time having the rental income of a fully leased building,” says Senior Associate Ronan Remandaban of Lee's Chicago office. He represented Samwon, the subsidiary of a S. Korea-based company. The seller, Wiley Road Industrial Park LP, was represented by Principal John Sharpe. “The visibility of the building off of I-90 and the proximity to Schaumburg area amenities also made this an attractive purchase,” Remandaban adds.

According to Remandaban, overall vacancy rates in the Northwest Cook industrial market continue to decline from a recession high of 12% in the first quarter of 2012 to its current rate of 9.5%. “Specifically in the Schaumburg industrial market, the vacancy rate is at 8.3%. Users and investors continue to purchase and lease buildings in the Schaumburg industrial market at 10-year lows. Because of this reset of pricing in the marketplace, vacancy rates continue to decline and prices have stabilized.”