Small Warehouse Buyers Become Scarce

CICERO, IL-Sales of smaller warehouses are off 40% from a year ago, reports Grubb & Ellis, but a few deals have managed to get done. Among them is a 68,000-sf warehouse and manufacturing plant at 5443-45 W. Roosevelt Rd. here, which sold for $2.425 million to Elgin-based International Storage Properties.

Further west, Commercial Carpet Consultants acquired a 29,300-sf warehouse at 893 Industrial Dr. in west suburban Elmhurst for $1.6 million. The company is consolidating operations and will take advantage of 6,000 sf of office space, reports Grubb & Ellis SVP Brian Carroll. Harris Bank of Palatine provided $1.44 million in mortgage financing, according to property records.

NAI Hiffman VP Daniel P. Leahy represented International Storage Properties while GVA Williams executive managing director James C. Mead represented Cicero-based Taft Contracting, Inc.

In the Elmhurst deal, Carroll International Corp. chairman Barry J. Carroll represented the former owner, CIC Realty.