NAI Hiffman Closes 3 Chicago-Area Office Transactions
- Jan 19, 2018
NAI Hiffman has closed three different suburban office transactions outside Chicago. The first involved the $3.6 million sale of an office building in Lombard, Ill. The other two deals were leases, one for Joseph T. Ryerson & Son Inc.’s single-tenant lease in Lisle, Ill., and the other a new lease for LexRay in Downers Grove, Ill.
The three-story building in Lombard, located at 55 W. 22nd St., contains 50,963 square feet of office space and is 99 percent leased to a mix of tenants. RCM Industries, a locally based aluminum casting company, traded the property to a private investor who financed the acquisition with a $2.6 million mortgage held by Crystal Lake Bank & Trust. NAI Hiffman’s Art Burrows and Adam Johnson represented the seller in the transaction. The building was constructed in 1979 and previously sold for $4.4 million in 2002, according to public records.
In a separate transaction, Joseph T. Ryerson & Co. extended its full-building, 53,982-square-foot lease at 1050 Warrenville Road in Lisle. The firm operates a regional sales office out of the structure. Built in the 1980s, previous owner Brandywine Realty Trust sold the asset to Winthrop Realty Trust and Marc Realty in 2006 for $3.5 million, according to Yardi Matrix data. Winthrop was represented in the leasing deal by Dan O’Neill and Johnson of NAI Hiffman and CBRE’s Jon Springer represented the tenant.
The final deal involved a new lease for LexRay, a mobile operations platform provider, at a 23,562-square-foot office building in Downers Grove. Owned by American Community Management, the two-story mixed-tenant property was constructed in 1984 and last changed hands in 2011 for $2.4 million, according to DuPage County records. Johnson of NAI Hiffman represented the landlord, with Newmark Knight Frank’s John Kinsella acting on LexRay’s behalf.
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