Pets International, which was represented by Brendan Kelly of Cushman & Wakefield, had been seeking $1.97 million for the property, which was built in 1969.
In addition to representing H. Field & Sons, SVP Phil Rosenberg and associate Murray Karbin of Epic/Savage Realty Partners/TCN Worldwide also negotiated a class 6(b) property tax incentive with the village of Arlington Heights. The incentive reduces assessments on property for 12 years and is available for properties that have been vacant for more than two years, according to the brokers. In the case of H. Field & Sons, the company expects to save 50% in property taxes over the next 10 years. That could amount to nearly $500,000, as the current tax bill is $94,000 a year.
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