Two Single-Tenant Industrial Properties in Northern Illinois Listed by Marcus & Millichap for $48.7 Million

  

Robert Horvath

BOSTON, MA  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has retained the exclusive listings for two single-tenant industrial properties in northern Illinois.

 The investment real estate assets are a 429,164-square-foot manufacturing facility triple-net leased by Federal Signal Corp. in University Park, Ill. and a 217,011-square-foot manufacturing facility triple-net leased by the Elgin Sweeper Co. in Elgin, Ill.

The listing price for the Federal Signal Corp. facility is $28,998,497 and the Elgin Sweeper Co. building is on the market at $19,719,021.

            Robert Horvath, vice president investments and Todd Tremblay, vice president investments, both in Marcus & Millichap’s Boston office, are representing the seller, a private investment and development group.

Todd Tremblay

John Przybyla, first vice president and regional manager/managing broker in the firm’s Chicago Downtown office, is the firm’s broker of record in Illinois.

            “Elgin Sweeper has occupied its facility in Elgin since the 1960s,” says Horvath, “and in the past year, Federal Signal Corp.—Elgin Sweeper’s parent company—has spent more than $4 million on the University Park property.”

            “Both properties have eight-plus years remaining on their original lease terms, which have annual rent escalations scheduled and five-year renewal options,” adds Tremblay.

            Built in 1972 on 40 acres, the Federal Signal Corp. facility is located off Interstate 57 within the Governors Gateway Industrial Park at 2645 Federal Signal Drive in University Park, Ill.

 Home to more than 60 manufacturing and service businesses, including National Tube Supply and Anvil International, the park is approximately eight miles south of Interstate 80 in Will County, Ill.

John Przbyla

            Located at 1300 Bartlett Road in Elgin, Ill., the Elgin Sweeper Co. building was constructed in 1967 on 19 acres. 

The facility has a highly visible location in an area with more than 212,249 people within a five-mile radius and a population of 362,675 within a seven-mile radius. Elgin Sweeper has been designing and manufacturing street sweepers since 1914.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716