250,000-SF Building Solves Durable Sublease Need

WHEELING, IL-A 250,000-sf industrial building at 750 Northgate Pkwy. in this north suburb has been sold for just under $10 million. Schaumburg-based Durable Packaging International bought the building from North Olmstead, OH-based Moen Faucet, Inc., ending a search for a less complicated arrangement than its previous series of multiple, overlapping leases in the O’Hare area.

Durable Packaging International had subleases on 156,000-sf, 83,000-sf, 57,000-sf and 40,000-sf spaces, explains Colliers Bennett & Kahnweiler Inc. vice president Lawrence J. Meldman.

“Durable did not want to have all of these subleases out there ending at different times. It was complicated,” Meldman adds in a statement. “We had to have patience in negotiating with the different landlords. When the 750 Northgate building became available, it made sense due to its great location, high cube warehouse, larger production area, office space and parking.”

A $10-million mortgage from Cole Taylor Bank also helped swing the deal, according to property records.