Cresa Arranges Industrial Sale-Leaseback for Alliance Paper
Cresa managing principal Ed Lowenbaum represented ConCan II, a related party to tenant Alliance Paper and Foodservice Equipment, in the sale of its 58,000-square-foot industrial facility located at 11058 Addison in Franklin Park, IL. Clear Height Properties acquired the property for an undisclosed sum.
The multi-tenant building, located in the Franklin Park industrial complex, features 20’ clear ceiling height, five docks and parking for 50 cars.
Alliance Paper has occupied the building since 2002 and signed a multi-year lease for approximately 55% of the building, which it will continue to use as a distribution hub for its Midwest customer base. The remainder of the facility will be vacant effective August 1.
“This was a great time for the seller to take advantage of the incredibly strong industrial market,” added Lowenbaum. “It was a terrific solution for both parties.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).