"This transaction is a strong indication that the northern suburban industrial market is seeing improvement despite high vacancies," says Dan Smolensky, part of a CB Richard Ellis team representing ACCO Brands that included Chris Reynolds, Scott Brandwein and Jim Whalen. "After we leased over 212,000 sf in the building, we focused the marketing efforts on investors looking for leased or partially leased income properties and obtained offers immediately."
CBRE most recently pegged industrial vacancy in northeast Cook County at 8.8%. Meanwhile, vacancy was 9.6% in Lake County. The property is less than two miles from the county line.
Tim Gallagher of Gallagher Realty handed negotiations for Cabot Properties.
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