“The transaction was a user/investor deal with the buyer leasing a portion of the building,” said Senior Associate Ronan Remandaban of Lee’s Chicago office who represented the buyer, Samwon Tech, an industrial metal fitting supplier and manufacturer whose parent company is based out of Korea. The seller, Wiley Road Industrial Park LP, was represented by Principal John Sharpe. “The buyer liked the ability to occupy a portion of the building while at the same time having the rental income of a fully leased building. The visibility of the building off of I-90 and the proximity to Schaumburg area amenities also made this an attractive purchase.”
According to Remandaban, overall vacancy rates in the Northwest Cook industrial market continue to decline from a recession high of 12 percent in the first quarter of 2012 to its current vacancy rate of 9.5 percent. “Specifically in the Schaumburg industrial market, the vacancy rate is at 8.3 percent. Users and investors continue to purchase and lease buildings in the Schaumburg Industrial Market at 10-year lows. Because of this reset of pricing in the marketplace, vacancy rates continue to decline and prices have stabilized,” he said.
Built in 1983, the 11-unit property is located at 1261 Wiley Road. The building is fully leased with representative clients including Sherman Williams, Prism Healthcare and the Kaman Corporation.
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