Patten Cat joins heavy lifters on Wauconda's Rand Road
Elmhurst-based Patten Cat, the area's exclusive Caterpillar dealer, is opening a new facility on Rand Road in Wauconda.
The Patten Cat Rental Store will sell new and used equipment as well as rent, lease and fix an array of equipment including tractors, aerial lifts and power equipment as well as offer construction supplies.
"The goal is to make the location a 'one stop' shop for contractors and industrial accounts with a mix of sales and rental, along with service and parts," said Manager John Hofmeyer.
The Caterpillar dealership, almost like a car dealership, will serve a number of industries, including heavy and commercial construction, industrial and landscaping. Another large part of the new Lake County facility will be the power systems division that involves the rental of generators.
Michael Wetter, presently working in the company's Joliet facility, will oversee the operations of the new location.
The Wauconda operation, expected to open this spring, will feature a drive through window, a new feature for Patten Cat, a family business that started more than 80 years ago. "The drive through window was designed for the ease of picking up parts," Hofmeyer said.
Garrett Patten is president of the 4th generation company that his great grandfather launched in 1933. There are now about 450 employees in five, soon to be six locations. Joliet, Oglesby, Rockford and Hammond, Indiana are other homes for Patten, one of 52 Caterpillar dealers in North America.
The company operated a facility in Grayslake for more than 20 years before closing during the recent recession. Wanting to expand the company's footprint in Lake and McHenry counties, Patten is now close to its competitors including John Deere, Case and BobCat, which have options along Rand Road. "It's almost like equipment row," Hofmeyer said.
Three deals closed
GC Realty & Development LLC of Barlett completed three year-end deals in the O'Hare market.
Brad Bullington, who was named Industrial Broker of the Year 2015 by the Mainstreet Association of Realtors Commercial Committee, represented Stanico Inc. of Elk Grove Village in the purchase of a 14,000-square-foot facility on three acres in Elmhurst. Stanico purchased the property as a fully leased investment opportunity for future use. Bullington represented the seller at 199 Randall St. in Elk Grove, for a 3,765-square-foot building. He also secured a lease at 1693 Imperial Court in Mount Prospect for the property owner and represented the tenant Woojin Plaimm Inc. in a 3-year lease.
What's in a name
To better reflect its new strategy, Elk Grove Village-based Lava Lite LLC, best known for selling the infamous Lava Lamp, chanced its name.
The new company name is LifeSpan Brands LLC.
"The new name LifeSpan Brands will allow us to grow and develop new products and enter new categories that we do not currently serve," said Clay Farnsworth, president and CEO of LifeSpan Brands. The company's current products include novelty lighting, party products and bathroom scales.
The transition to a new corporate identity will not impact end consumers, he said. LifeSpan Brands will continue to offer the popular iconic products that the company has developed, marketed and manufactured for more than 50 years. LifeSpan's portfolio of brands and products includes: Lava Lamp, Lava Party, Bright Source, Detecto, Precision One and Weigh Rite.
Big deal
Avison Young, a commercial real estate services firm based in Toronto, Canada, announced that it completed the sale of a 63-acre site on the north side of Harris Road at Peterson Road in Libertyville. The property, known as Meyer Farm, was sold to a private investor. Financial terms were not disclosed.
Avison Young Principals Keith Puritz and Brett Kroner and Eric Fischer, a senior vice-president in the Chicago office, were the sole brokers on the transaction. The team was also hired by the buyer to market the new industrial park, which can accommodate buildings from 50,000 to 500,000 square feet.
Work on the Manor
JRI Interior Design in Lincolnshire completed Phase I of Libertyville Manor's new 62-bed rehabilitation wing within its Skilled Care Community in Libertyville.
Libertyville Manor underwent a complete renovation that includes all new furniture. Also included in the renovation was the updating of their administrative areas, dining, lounges, nurse stations and resident bathing. The second phase is beginning early this year to accommodate 62-skilled nursing beds.
By the numbers
Oak Brook-based Inland Real Estate Acquisitions Inc. announced that it facilitated the acquisition of 61 properties purchased throughout 2015 by Inland related parties. The acquisitions total more than 9.4 million square feet across 25 states for a total purchase price of more than $1.9 billion. The properties acquired include 12 multifamily communities, 25 shopping centers, 14 single-tenant retail stores, three student housing communities, four medical buildings, a freight facility, an athletic facility and an industrial building.
"I love buying properties that work for our funds and so does my staff," said Joe Cosenza, president of Inland Real Estate Acquisitions Inc. and vice chairman of The Inland Real Estate Group, Inc.
To date, Inland Real Estate Acquisitions, Inc. has facilitated the purchase of more than $41 billion of properties, which included 2,310 retail centers totaling $25 billion, 422 apartments properties totaling $3 billion and 1,526 single-tenant properties totaling $12 billion (such as medical office buildings).