Brown negotiates sale of Elgin industrial building
ELGIN -- Brown Commercial Group negotiated a 26,000-square-foot industrial building sale in Elgin as part of a two transaction process that is moving a business owner into a modern, more efficient facility.
Senior Broker Jim Pietrarosso represented Foderaro Investment Partnership Corp. in buying a building at 2475 Millennium Dr. in Elgin for $2,05 million.
The facility will house V & F Transformer Corp., which manufacturers custom-designed transformers and reactive magnetic components for a variety of global industries. The company had considered moving its operations into a facility in Tennessee, but decided to stay in the Chicago area due to its strong labor pool.
Earlier this year, Pietrarosso negotiated the sale of Foderaro Investment Partnership's 30,227-square-foot manufacturing building at 31w222 W. Bartlett Road in Bartlett.
"This was a strategic move designed to help our client take advantage of the efficiencies found in today's modern buildings while remaining close to its client and employee bases," Pietrarosso said.
Dan Brown, president of Elk Grove Village-based Brown Commercial Group, represented the seller of the Elgin building, 2475 Millennium Drive Holdings LLC. Brown has extensive experience in that market and had sold the building to the investor in 2013.