CHICAGO, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Waterton Associates in the sale of 2401 Palmer Drive in Schaumburg, a 110,000-square-foot multi-tenant industrial building, to American Asset Management Services.
Mike Wilson, associate vice president, Capital Markets Group, and Erik Foster, senior vice president, Capital Markets Group, facilitated the transaction.
The buildin
g houses three tenants; including Cricket Communications, which recently signed a long-term lease to bring the building close to capacity. Other tenants include Sun Cap, a clothing distributor, and DG Printing, a full-service printing, graphics, design and mailing house.
“We were able to sell the stability of the tenants, the infrastructure investments they’ve made in their respective spaces and the possible expansion into excess dock space in order to drive very aggressive pricing in this market,” said Wilson.
Foster said, “Despite the challenges in today’s investment sale market, this transaction is an indication that if you are willing to work hard, you can still close deals.”
The building closed at $6 million, or $60 per square foot, at an aggressive cap rate of less than 7.5 percent.
Contact: Erin Mays, Phone: 312.698.6735
Email: erin.mays@grubb-ellis.com
The buildin
g houses three tenants; including Cricket Communications, which recently signed a long-term lease to bring the building close to capacity. Other tenants include Sun Cap, a clothing distributor, and DG Printing, a full-service printing, graphics, design and mailing house.
“We were able to sell the stability of the tenants, the infrastructure investments they’ve made in their respective spaces and the possible expansion into excess dock space in order to drive very aggressive pricing in this market,” said Wilson.
Foster said, “Despite the challenges in today’s investment sale market, this transaction is an indication that if you are willing to work hard, you can still close deals.”
The building closed at $6 million, or $60 per square foot, at an aggressive cap rate of less than 7.5 percent.
Contact: Erin Mays, Phone: 312.698.6735
Email: erin.mays@grubb-ellis.com
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