About 7.25 acres remain available in the industrial park. Although sales prices were not available, asking prices in the Northwinds Business Center are $7.50 per sf, or more than $300,000 an acre.
Tutor Time's purchase is for a 10,487-sf facility that is expected to be complete this summer. Wendy's will build a prototype restaurant with seating for 50, with burgers and fries expected to be available in the fall.
The owner of the property, Abbott Land, was represented by Grubb & Ellis vice president Rick Scardino in both deals. "This corridor continues to heat up," Scardino says. "This represented a great opportunity for Wendy's to service an area that is established with corporate entities."
In addition to the village's $25-million sports complex across the street, Abbott Laboratories, ComEd, Concept Design, Motorola and USG are already in the area. That provides a market for Florida-based Tutor Time. "This represents a great opportunity for Tutor Time to establish a presence in the North suburban market," Scardino notes.
Corso Realty represented Wendy's International while NAI Hiffman represented Insite Real Estate in the Tutor Time deal.
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