Newmark has successfully arranged two industrial sales in Elk Grove Village, Illinois. In the first transaction, Brian Carroll, executive managing director and Tom Gath, managing director represented Continental Bindery Corporation in the sale of its headquarter facility at 700 Fargo Avenue. Carroll and Gath again represented Continental Bindery in the purchase of a new facility at 1250 Pratt Boulevard. The seller of 1250 Pratt Boulevard, an affiliate of Midwest Industrial Funds, was represented by Newmark’s Adam Marshall, SIOR, CCIM, senior managing director and Mark Deady, CCIM, director.
Continental Bindery Corporation was established in 1976 and provides binding for books, pamphlets and magazines. The firm was exploring potential options for relocation, but wanted to remain within the O’Hare market. Carroll and Gath completed an extensive market search on behalf of the firm, which ultimately selected the turn-key property at 1250 Pratt Boulevard.
“Continental Bindery was looking to remain in the O’Hare market, but interested in a more modern facility that would also provide cost-savings,” said Carroll. “After reviewing several local options, the move to Pratt Boulevard made the most sense economically and operationally. The firm was also able to use the proceeds from the sale of their current facility toward the new location.”
Continental Bindery’s previous headquarters at 700 Fargo Avenue was sold to the Village of Elk Grove, represented by Chris Nelson of Lee & Associates. The binding firm purchased 1250 Pratt Boulevard, a 29,856-square-foot freestanding industrial facility that recently underwent a major renovation by Midwest Industrial Funds.
“We were happy to secure a buyer for our client, Midwest Industrial Funds,” said Marshall, SIOR, CCIM. “This was a great project to work on. Midwest Industrial Funds renovated an outdated manufacturing building that is now like-new and provided the buyer with a 6B tax incentive, a turnkey facility and a location within the tight O’Hare submarket.”
Continental Bindery will take occupancy of the property at 1250 Pratt Boulevard this fall.
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