Real estate investor to redevelop Addison building
ADDISON -- Oak Brook-based Clear Height Properties has acquired a vacant industrial building at 345 S. Fairbank St. in Addison, and following redevelopment of the property, intends to market it for either lease or sale to a single tenant.
Transwestern represented the seller of the property and is marketing the property. The purchase price of the property was not disclosed.
The building totals 31,385 square feet of space and includes a 900-square-foot mezzanine. In its current condition, the building has 2,275 square feet of office space, but the new owner has flexibility to meet the specifications of a new tenant.
Immediately upon acquisition, Clear Height began an extensive capital improvement package to enhance the appeal and functionality of the property, which was originally developed in 1973, the company said.
Elements of the renovation and repositioning include new mechanical systems, LED lighting, roof repairs, masonry repairs, asphalt repaving, refurbishing of the dock doors, and interior work to bring it to a standard baseline that then can be modified according to tenant needs.
"One of our focuses continues to be acquiring small- to mid-size industrial properties that may not be achieving their greatest potential, particularly in a thriving industrial market," said Tom Seurynck, vice president, asset management and acquisitions for Clear Height. "Through a modernization program, we bring the assets to today's standards, expanding alternatives for users."