The new transfer station is being built by San Francisco-based AMB Property Corp. and Seefried Properties Inc. on 6.8 acres acquired by the joint venture from Illinois Tool Works for $2.8 million in December. The construction also is aided by a Cook County Class 6(b) property tax incentive that will cut the tax assessment in half for the next 10 years. The most recent assessment is based on a market value of $3.1 million, resulting in an annual tax bill of $188,206, according to tax records.
"We expect the carrier to easily transition to the new building later this year," says Seefried Properties SVP Jim Condon.
Colliers Bennett & Kahnweiler principal David Bercu represented AMB Property Corp. and Seefried Properties Inc. on the 10-year lease and build-to-suit deal while Paine/Wetzel-ONCOR International VP Robert J. Morandi represented ABF Freight System. The two companies have partnered seven times in the past seven years, doing deals near Atlanta Hartsfield, Orlando International, Washington Dulles and Dallas/Fort Worth International airports.
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