Industrial property in Addison sold
ADDISON -- Clear Height Properties has sold 345 S. Fairbank in Addison to a user after acquiring the property last fall.
Justin Lerner, Joe Karmin, and Ross Lehrman of Transwestern represented Clear Height. Brent De Noble and Doug Altenberger of Lee & Associates represented the buyer.
Immediately upon acquisition at the end of November 2021, Clear Height found a user and initiated capital improvements including roof repair, interior renovations, dock repairs, masonry repair and new LED lighting. Clear Height will complete these renovations after closing.
Tom Seurynck, Vice President of Asset Management & Acquisitions at Clear Height, described the transaction as a classic investment play for the firm. "In this case, we identified and aggressively pursued a smaller-sized industrial property and quickly added value through our improvement plan," he added. "Our proven process upgrades the assets to today's standards, which resulted in a quick sale and return for our stakeholders."
In addition to the sale of 345 S. Fairbank, Clear Height has completed four additional transactions totaling 480,177 square feet thus far in 2022.