CHICAGO, IL- 971 W. Industrial LLC has just purchased a 99,702 SF industrial facility on more than 5 acres in west suburban Aurora.
The company, the legal entity for Cyl-Tec Inc., a family-owned business that provides and services compressed gas cylinders, will expand and relocate from just across the street.
“The neighbors are always the first people we talk to,” Elise Couston, executive vice president of Paine/Wetzel/TCN Worldwide, told GlobeSt.com. “They have a stake there.”
Couston and William Kerrins, senior vice president of Paine/Wetzel/TCN Worldwide, represented the seller, Joliet-based Filtration Group. The buyer was represented by David Prell and David Justh of CBRE.
The purchase helps continue what Colliers International called robust sales of industrial property throughout 2012 in the west suburban Fox Valley. In their final report for 2012, the research firm stated that 1.5 million SF of industrial space was sold during the year, up from less than 1 million in 2011.
“Fox Valley’s vacancy rate fell dramatically to 8.69 percent in 2012,” Colliers noted, “down from the year-end 2011 rate of 10.56 percent,” which outperformed the rest of the metropolitan region. Furthermore, “vacancy has not been this low in the Fox Valley market since the fourth quarter of 2000 when it reached 7.75 percent.”
“I work that market and that has been a very strong market,” Couston added. “Surprisingly so,” since the region historically has had a lot of ups and downs.
Paine/Wetzel/TCN Worldwide also announced that All My Sons Moving & Storage just signed a lease for more than 14,000 SF square feet at 10216 Werch Drive in west suburban Woodridge. The Dallas-based moving and storage company will also expand and relocate from another nearby west suburban town.
Couston, along with Alexis Martinez of Rubicon Representation of Dallas represented the tenant while Caroline Sullivan and Terry Grapethin of Cawley Chicago worked on behalf of the landlord, Cawley Chicago.