Lee & Associates, one of the largest national commercial real estate providers in North America, has closed on the sale of a 94,490-square-foot manufacturing building located at 2050 Mitchell Boulevard in Northwest suburban Schaumburg, IL. Terry Grapenthin, Michael Plumb and Ryan Earley, all principals at Lee & Associates’ Illinois office represented the seller. The sale transaction closed on November 6.
Constructed in 1988 and located adjacent to Schaumburg Regional Airport, 2050 Mitchell Boulevard is a free-standing industrial manufacturing building on a 10.8-acre site with room to grow.
“The property is a well-maintained facility with 4.5 acres of expansion land. Given the very limited supply for solid assets to purchase in today’s environment, within a few months we were able to secure a favorable deal with back-end flexibility for our client,” said Grapenthin. “Given they are both manufacturing companies, the operational similarities between the buyer and seller made this building and its infrastructure an ideal fit.”
Nick Krejci and Noel Liston of Core Industrial Realty represented the buyer in this transaction.
About Lee & Associates
Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog. For more Lee & Associates of Illinois happenings, connect with us on LinkedIn, Twitter and Instagram.