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SCHAUMBURG, IL-American Asset Management Services has acquired an 110,000-square-foot industrial building at 2401 Palmer Dr. Waterton Associates sold the property for $6 million. The building is around 95% leased to three tenants.

Erik Foster, SVP with Grubb & Ellis’ capital markets group, and associate VP Mike Wilson represented the seller in the deal. “American Asset realized the stability of the building given the tenants and the occupancy, and what that presented for an investor,” Foster tells GlobeSt.com. The building is occupied by Cricket Communications, clothing distributor Sun Cap, and DG Printing, a full-service printing, graphics, design and mailing house, which each occupy about 35,000 square feet.

Waterton Associates purchased the building a couple of years ago when it was almost completely vacant, Foster says. Since purchasing it, the company oversaw renovations to the building, including upgrades completed on the roof, parking lot, and exterior of the building, and a drastic increase to occupancy, Foster says. “They rehabbed and leased it successfully, and wanted to realize the profit from that,” Foster says. The building closed at a cap rate around 7.5%, Foster says.

Foster says Schaumburg is a submarket that has seen better days, but one that still attracts national tenants seeking proximity to the northern suburbs and interstates and other transportation. “Again, this was a quite a unique deal given the paralyzed debt markets, and the ever present challenges of Schaumburg, which are high real estate taxes and high submarket vacancy,” Foster says.

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