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NAI Hiffman Brokers Deal for Itasca Warehouse Duo
The industrial capital markets team at NAI Hiffman brokered the $13.25-million sale of 1500 Bryn Mawr Ave. and 1251 Ardmore Ave., two light manufacturing and warehouse facilities in Itasca, IL., The properties total 108,357 square feet and are currently occupied by Phoenix Converting Inc., a leading producer of specialty pouches for flexible packaging.
NAI Hiffman EVP Patrick J. Sullivan and VP Ryan Chambers, together with Jeff Janda, principal of Lee & Associates, represented the seller, Oak Brook, IL-based TradeLane Properties LLC. The buyer was a national industrial REIT.
“The acquisition gave the buyer the opportunity to acquire two fully occupied assets in the incredibly tight industrial submarket of Itasca, with a vacancy factor of 6.1%,” said Sullivan. “Although e-commerce players continue to dominate the industrial market, there is still appetite for smaller, well-located facilities for light manufacturing and warehouse uses.”
- ◦Sale/Acquisition

