Cresa Arranges Industrial Sale-Leaseback for Alliance Paper
Cresa managing principal Ed Lowenbaum represented ConCan II, a related party to tenant Alliance Paper and Foodservice Equipment, in the sale of its 58,000-square-foot industrial facility located at 11058 Addison in Franklin Park, IL. Clear Height Properties acquired the property for an undisclosed sum.
The multi-tenant building, located in the Franklin Park industrial complex, features 20’ clear ceiling height, five docks and parking for 50 cars.
Alliance Paper has occupied the building since 2002 and signed a multi-year lease for approximately 55% of the building, which it will continue to use as a distribution hub for its Midwest customer base. The remainder of the facility will be vacant effective August 1.
“This was a great time for the seller to take advantage of the incredibly strong industrial market,” added Lowenbaum. “It was a terrific solution for both parties.”