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.

Send us your Memorial Day BBQ pics! marissa.oberlander@bisnow.com

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Google Delays Thompson Center Opening To 2028, Releases New Renderings

California Investor Scoops Up Amazon Warehouse: The Chicago Deal Sheet

How Crystal Lake 'Connects The Dots' To Building Complete Community

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

Prologis Acquires 69 Acres For 1M SF Chicago-Area Industrial Development

Former CBRE Exec Suing Brokerage Giant Over Age Discrimination, Whistleblower Complaint

D.C. Investor Behind The Stacks Swaps CEO For First Time In 25 Years

First LaSalle Street Reimagined Conversion Opens In Chicago's Loop

CBRE IM Buys Net Lease REIT For $1.6B, Plans More Investment

The Difference Between Service And Hospitality That Makes A Flexible Workspace A Success