WHEELING, IL-Boston-based Cabot Properties, Inc. paid $11.6 million for office products seller ACCO Brands, Inc.’s 345,000-sf industrial asset at 770 ACCO Plaza Dr., believed to be the largest deal of its type in the northern suburbs this year. Bell and Howell has 100,000 sf at the multi-tenant building along with the seller, which has 112,000 sf.

“This transaction is a strong indication that the northern suburban industrial market is seeing improvement despite high vacancies,” says Dan Smolensky, part of a CB Richard Ellis team representing ACCO Brands that included Chris Reynolds, Scott Brandwein and Jim Whalen. “After we leased over 212,000 sf in the building, we focused the marketing efforts on investors looking for leased or partially leased income properties and obtained offers immediately.”

CBRE most recently pegged industrial vacancy in northeast Cook County at 8.8%. Meanwhile, vacancy was 9.6% in Lake County. The property is less than two miles from the county line.

Tim Gallagher of Gallagher Realty handed negotiations for Cabot Properties.

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