X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.