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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.