Brown Commercial Group partner, Mike Antonelli, represented the sellers of two industrial buildings on Winthrop Avenue in Addison, Illinois. Both of the assets were owned by business owners who had recently sold the businesses they had operated out of the buildings.
Antonelli represented the seller, Winthrop LLC, at 608 W. Winthrop Avenue, a 9,950-square-foot building with secured outside storage. Avalon Realty’s Nicholas Santucci represented the buyer, 608 West Winthrop, LLC.
Antonelli also represented the seller, Air-O, Inc., of 679 W. Winthrop, a 15,800 square foot building with a two-story office space, 16-foot clear height ceilings and heavy power capacity. JBS Commercial’s Edgar Cervantes represented the buyer, LGT Management, LLC.
“The DuPage submarket continues to be in high demand, creating the perfect environment for property owners to sell and benefit from a strong market and lack of supply,” Antonelli says. “The county has become highly desirable for many businesses, due to its low tax environment and access to major thoroughfares and O’Hare International Airport.”
The DuPage County industrial submarket has a vacancy rate around 3.5 percent, with limited space under construction. Warehousing and manufacturing businesses employ more than 33,000 people in DuPage County, with salaries averaging more than $58,000. Rental rates in the county are below neighboring Cook County, with the average warehouse charging $7.14 per square foot versus $7.49 in Cook County, according to Choose DuPage Economic Development Alliance.
Sourced by RE Journals