Transwestern brokers sale of Addison industrial building

ADDISON - Transwestern has brokered the sale of a 40,000-square-foot industrial facility at 120 Fairbank St. in Addison.

Venture One Real Estate purchased the property from a private seller for an undisclosed price. Transwestern Principal Justin Lerner, SIOR, and Senior Director Joe Karmin represented the seller in the transaction and were retained to provide leasing services for the new ownership.

Built in 1979, 120 Fairbank St. includes six exterior docks, three drive-in doors, 1,500 square feet of office space. The property, which is divisible to 15,914 square feet, also offers convenient access to Interstate 355, located just over a mile west of the building.

"Because the property is almost 40 years old, it presented a tremendous value-add opportunity, allowing us to solicit multiple offers from prospective buyers," said Karmin. "Due to our longstanding relationship, we identified Venture One as an investor that would not only be interested in the building, but capable of executing the transaction in the seller's desired timeframe."

Venture One plans to implement a capital improvement program that will include a new parking lot, roof and landscaping, as well as updated lighting and a complete rehabilitation of the existing office space.