Business

Mount Prospect woodworking firm expanding at Kensington Business Center

Posted April 24, 2024 10:13 am

Steve Zalusky

A 73-year-old woodworking firm with roots in downtown Mount Prospect will be one of the new tenants of a vacant 112,000-square-foot industrial building in the village’s Kensington Business Center.

Parenti & Raffaelli is joining Mount Prospect-based developer Nicholas & Associates to purchase the building at 1450 Feehanville Drive. The building and 5.6-acre site previously was home to Makita USA Inc.

Both will occupy a portion of the facility, with the remainder to be leased to an undetermined third tenant. Nicholas & Associates also will continue to maintain an office at 1001 Feehanville Drive.

Parenti & Raffaelli, which specializes in custom finished millwork, also will maintain its office at 1401 Feehanville Drive. The firm, which has been in business since 1951, moved in 2017 from its longtime location at 215 E. Prospect Ave. to make way for a Nicholas & Associates project, the Maple Street Lofts.

Nicholas & Associates President Nick Papanicholas Jr. said Parenti & Raffaelli has been warehousing much of its product in his firm’s property at 431 Lakeview Court.

The building at 1450 Feehanville Drive, which has been vacant since June, will undergo extensive renovations, including a new entrance facade, office area and truck docks, along with new landscaping, lighting and parking improvements.

“It’s a continued reinvestment in the Kensington Business Center,” Papanicholas said. “We love the park. We love the village. We have a good history and track record of taking vacant buildings in the Kensington Business Center and breathing new life into them with capital investment and long-term tenants.”

Mount Prospect recently recommended a Class 6B property tax incentive for the property, which the village said was under contract for more than $8 million. If formally approved by the Cook County Board, the 6B incentive would see the property taxed at 10% of market value for 10 years, 15% in the 11th year and 20% the 12th year, before returning to the normal rate of 25%.

This vacant 112,000-square-foot industrial building in the Kensington Business Center is being renovated into a multi-tenant building. Two of its tenants will be Nicholas & Associates and the longtime Mount Prospect woodworking firm Parenti & Raffaelli. Courtesy of Entre Commercial Realty LLC

Article Comments

Article Categories
Business Communities Mount Prospect Small Business

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.