Brown Commercial Group negotiates 24,950 square feet of industrial transactions in suburbs
ELK GROVE VILLAGE -- Brown Commercial Group negotiated 24,950 square feet of industrial transactions in Chicago's O'Hare and far northwest suburban markets, including transactions involving multiple bidders and final sales that exceeded the asking price.
Senior Broker Mason Hezner negotiated two transactions in the O'Hare submarket. He represented the buyer, Cloud 9 Limos Inc., and the seller, a private investor, in a 10,000-square-foot building acquisition at 1280-1290 Louis Avenue in Elk Grove Village. The building has two units.
"We were able to secure four offers within a week of the listing, given the limited space that is available in the market," Hezner said. "The intense demand drove pricing above the list price, something we are seeing this on a regular basis."
Hezner also represented the owner, MJA Capital LLC, in selling an 8,200-square-foot building at 10359 Franklin Avenue in Franklin Park, IL. Hezner had sold the building to MJA Capital in 2015 as an investment and it substantially increased in value during the past seven years.
The buyers, private investors, were represented by Tom Gath of Newmark.
Also, Broker Collin Tyrrell represented the seller in a 6,750-square-foot building sale at 704 Magna Dr. in Round Lake, IL. The building attracted multiple offers and sold for $450,000, which was more than the asking price. The buyer was Round Lake Pallets, which is adding a new location near its headquarters.