ELGIN-ML Realty Partners has acquired a 177,000-sf manufacturing/distribution facility here on 18 acres at 1149-1155 Timber Drive in a growing community, says Ryan T. Hesch, director of the company. "Over the past five years, there's been a lot of new construction in Elgin," he tells GlobeSt.com. "This property is not new, but offers a lot of amenities seen in new construction, such as clear height and outside storage."
He says this property is one of the few available on the south side of Interstate 90. "Most of the new construction is going up on the north side," Hesch says. "With dual access to two full interchanges, this building was an excellent asset." Noel Liston with Darwin Realty & Development represented ML Realty. He said the company does not disclose purchase price.
Promac Inc., a targeted marketing service provider, is the largest tenant of the building, leasing about 90,000 sf. Other tenants include Premier Transportation and Warehousing, Profile Food Ingredients Inc. About 20,000 sf of the building is vacant. The average lease rate in the building is mid-$5 per sf net, Hesch says, slightly higher than the $4.42 per sf average in that market, according to Grubb & Ellis.
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