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ELK GROVE VILLAGE, IL-AMB Property Corp.’s two-building, 309-408-sf build-to-suit project at 800 Devon Ave. here is 40% leased, with Switzerland-based logistics service provider Panalpina taking 121,000 sf in one building to be completed early next year. The deal is worth more than $9 million, according to Cushman & Wakefield of Illinois Inc. brokers who worked on the deal.

San Francisco-based AMB Property Corp. is razing a 242,657-sf distribution center it bought from Osram Sylvania in 2001 for nearly $7.8 million, replacing it with a building featuring 28-ft clear ceiling height and 30 truck docks. Property records indicate AMB Partners lined up more than $27 million in financing for the acquisition and redevelopment project. The new building also will have 30,465 sf of office space on two floors. Located just west of O’Hare International Airport, the 16-acre site is close to the air cargo gate.

Cushman & Wakefield senior director Jim Estus and Paul Isenbergh of IPAcquisition Corp. represented Panalpina, whose US operations are based in Foster City, CA. AMB Property Corp.’s local team of Leo Koonmen, Steve Kimball and James McGill handled negotiations for their company.

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