Tenants Turned Into Buyers
Low interest rates and ample debt and SBA financing are turning even the smallest industrial tenants into buyers. A sale today inNorthbrookdrives the point home. (If nothing else, being your own landlord means a shorter walk to drop off the rent.) Chicago Tech, a high tech equipment, IT, and telecom asset management company, paid $840k for a 19k SF industrial/flex building, 3501 Woodhead Dr in Northbrook, for its North Shore HQ. (The seller was a venture of Colony Capital.) The owner/user financed the acquisition and some renovations with two loans totaling $959k from BMO Harris Bank (including an SBA 504 loan), county records show. Chicago Tech will continue to lease sales/office space in Ravenswood. Paine/Wetzel/ TCN Worldwide's Brad Weiner,Whit Heitman, and Sam Badger repped Chicago Tech and Sperry Van Ness's Angelo Labriola and Paul Cawthon repped the seller.
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