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BRIDGEVIEW, IL-The acquisition of a 175,000-sf warehouse in southwest suburban Bridgeview at 8811 S. 77th Ave. by Illinois Industrial Tool was arranged by Cushman & Wakefield Inc. The purchase will enable a consolidation of three of the buyer’s warehouse assets.

C&W senior director Walter Murphy negotiated on behalf of hand tool wholesaler IIT in purchasing the industrial property. The previous ownership, an investment group, abandoned the facility following the default of leaseholder Trak Auto. Lennar Partners, which took the building deed in lieu of foreclosure, was represented by James Pater and Lynn Reich of Colliers Bennett & Kahnweiler Inc. in disposing of the vacant asset. Sales price was not disclosed.

Because the deal, which marks Murphy’s eighth transaction for Illinois Industrial Tool, was executed at a below-market purchase price, IIT was able to provide 100% financing for the building and improvements. Planned upgrades will include a new roof, a new parking lot and additional office space.

IIT will be able to achieve its stated goal of consolidating three warehouses under one roof. The Bridgeview facility will replace a 64,000-sf facility in southwest suburban Alsip, IL; a 50,000-sf property in Cudahy, WI; and a 25,000-sf asset in South Milwaukee.

In a separate deal, Murphy and C&W associate Scott Anderson represented seller Vernon Development in the sale of a 101,000-sf office and industrial building at 7700 W. 185th St. in southwest suburban Tinley Park to Americas Food Technologies Inc. The new, precast facility is situated on a five-acre site and includes parking for 135 vehicles. Sale price was not disclosed.

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