SCHAUMBURG, IL-Wrightwood Capital has purchased 161,482-sf warehouse/distribution building here at 1751 Wilkening Court, fully leased by electronics firm The Laird Group, for about $8 million. The landlord had been the former tenant in the building, the owner of Bolt Electronics before it was purchased by Laird, says Tim Walsh, senior director, industrial fund management for Wrightwood.
Walsh tells GlobeSt.com that the owner had done a sale-leaseback before his company merged with Laird, and held onto the building after the merger. However, the owner got nervous that Laird, which has been moving operations to China, might try to get out of its four years left on its lease early, Walsh says."He doesn't own a lot of real estate, but we're in the market. Our business plan is helping folks reallocate dollars into diversified funds. We believe in the building because it still has four years left to go, and it's a good property."
He says Laird has indicated it will at least finish its lease, but that other options may include the firm subleasing or even trying for a buyout. Regardless, Wrightwood thinks the property is a palatable risk in a growing residential and retail area. "It isn't like the building, near the Northwest Tollway, needs massive improvements."
The building is divisible into two units, having been built in two phases, one in 1984 and one in 1989, and is the fourth acquisition for the Wrightwood Capital Industrial Property Fund III.
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