Elk Grove Village industrial building sold for $1.6 million

Brown Commercial Group negotiated a 20,000-square-foot industrial building sale in Elk Grove Village.

The two-unit building at 500-502 Crossen Avenue sold for $1.6 million. It includes two, 10,000-square-foot units, each fully leased.

Unit 500 is leased to Polaris Worldwide Logistics and Unit 502 is leased to Cleaver Brooks Sales and Service, Inc.

Brown Vice President of Sales Mason Hezner represented Clear Height Properties, an industrial investment and management firm, in the purchase of an off-market property Hezner identified through industry connections.

The building was purchased as a joint venture partnership between Clear Height Properties and Harbert US Real Estate, an entity sponsored by Harbert Management Corporation.

"Investors looking for small to mid-sized industrial investment property have few options in today's market," Hezner said.

A five-year lease extension for Cleaver Brooks was negotiated as part of the deal.