MELROSE PARK, IL-CenterPoint Properties, based in Oak Brook, IL, has acquired a 255,565-sf industrial building here at 1950 Ruby St. The building is wholly leased by AGI, a printing company.
The seller was a private investment partnership that had owned the building for more than 20 years and that had been based in Chicago, with one of the individuals being a prior owner of the printing business, says Kevin Segerson with CB Richard Ellis, the broker for the sale. The sales price was not disclosed, but similar buildings in the area have sold for between $7 million and $8 million. A cap rate was not disclosed.
The building was constructed in 1950 and is near one of the main town intersections of 25th Street and North Avenue. Because the tenant is a printing company, the majority of the building is air conditioned and there is "heavy power running to the property," which makes the parcel more appealing to a prospective buyer, Segerson says. AGI has a "long-term" lease for the building, Segerson says. The asking lease rate for similar buildings in the area is between $2.65 per sf and $3.10 per sf, net, depending on the finishing and size of the building, he says.
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