BATAVIA -- Avison Young recently represented a national manufacturing company in the sale of a 117,472-square-foot industrial building at 1020 Olympic Drive in Batavia.
Terms of the sale were not announced.
The class B building was built in 1977 and expanded in 1983. The facility was used by the manufacturing company as a single-tenant building for many years and was vacant at the time of sale. The Avison Young team provided an in-depth asset evaluation determining how best to position the building for users and investors.
The buyer, Midwest Industrial Funds, is an Oak Brook-based investor with multiple properties in the Fox Valley and more than 40 throughout the Chicago area.
Tom Curtis, an associate in Avison Young's Chicago office, and Avison Young Principal John Moysey, also based in Chicago, represented the seller, a national manufacturing company, in the sale.
Avison Young was retained by Midwest Industrial Funds to market the repositioned property, which will undergo major renovations including a new roof, installation of modern HVAC systems, office renovation, and several other updates.
The seller demolished approximately 10,000 square feet of mezzanine space to create a more open entranceway and completed other interior upgrades before listing the building for sale. The building was under agreement within three weeks of being placed on the market.