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BLOOMINGDALE, IL-Roman Inc. has acquired a 120,822-sf industrial building in the Covington Corporate Center from CenterPoint Properties for about $7.1 million. The gift distributor had based its headquarters in the building, at 468-472 Brighton Dr., for the past 18 months under a rent-to-own lease.

John F. Cash, EVP, and David Haigh, associate, with NAI Hiffman’s Industrial Services Group, represented Roman in the sale. Mark Moran, EVP, and Daniel Wilkins, associate, also with NAI Hiffman, represented CenterPoint Properties in the transaction.

“We initially structured it as a short-term lease, and Roman wanted the flexibility to potentially buy it depending on how it went and how they were able to function in the building,” Moran says. “We did the option to purchase to accommodate them. They had owned their own building in Addison previously, and when they downsized and moved to this building, they wanted to control the real estate themselves.”

Roman was previously paying about $4 per sf, net, for the space, with a three-year lease term. Under the rent-to-own lease, Roman had to purchase the building before the end of the second year, Moran says. The Central DuPage building was built in the late 1980s, Moran says. He says the area has coalesced into an infill market. “It’s all built out and there are no large tracks of vacant land. The companies that are there have a reason to be there, because it’s close to Interstate 355 or because of the employee base in the area,” Roman says.

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