Concrete contractor expands in St. Charles

ST. CHARLES - Premium East Properties LLC, a concrete contractor that is expanding its operation in St. Charles, recently purchased a 31,898-square-foot industrial building at 411 Stone Road, according to a commercial real estate firm involved in the deal.

Brown Commercial Group in Elk Grove Village represented Premium East in negotiations. Financial details of the acquisition were not disclosed.

The seller was a limited liability corporation, 411 Stone LLC.

"This was an ideal transaction for the buyer, as they were searching for a larger facility for expansion and wanted to remain near their existing client and employee base," said Mike Antonelli, a partner in Brown Commercial Group.

The central Kane and DuPage counties area continues to see strong demand for industrial space with a low 3.6% vacancy rate, Brown Commercial said in a news release. Average rents in the submarket are $7.60 per square foot, falling just below the metro average of $7.70. Rents have risen by 8.4% over the past year, well above the 4% average seen over the last three years.