Cushman & Wakefield Completes 703,973-Square-Foot Industrial Building Acquisition
ROMEOVILLE, ILL., April 16, 2014 - Commercial real estate services firm Cushman & Wakefield, working with Paine/Wetzel, has completed the acquisition of 1300 Naperville Drive, a 703,973-square-foot industrial building in Romeoville. Buyer Magid Glove & Safety will consolidate two existing locations and relocate its primary manufacturing operations and headquarters to the site.
The Cushman & Wakefield team of Brad Weiner and Whit Heitman, assisted by Jeff Girling and Terry Lynch of Paine/Wetzel, represented Magid Glove & Safety Products, Inc. in the transaction. Cushman & Wakefield's Jason West and Sean Henrick represented the seller, Venture One Real Estate.
Magid Glove & Safety is America's leading manufacturer, importer, distributor and direct supplier of hand protection, protective clothing, first aid, and personal protective equipment. The newly acquired property will combine the operations of two Chicago plants into one larger, modern headquarters, manufacturing and distribution facility.
"Magid purchased the Romeoville property after searching the market from southeastern Wisconsin south to the I-55 corridor," said Weiner. "The thorough 24-month site search targeted facilities that would not only meet the company's current needs, but also accommodate their aggressive growth plans. Magid will move inventory, manufacturing and more than 400 employees from two facilities, including their main location at 4500 W. Armitage in Chicago."
Situated on 35 acres less than a mile from the four-way interchange at I-55 and Route 53 with close proximity to I-355 and I-80, the company's new location offers easy access to the expressway. The building, constructed in 1980 and expanded in 1993, features 100,000 square feet of office space, a partially air-conditioned warehouse, more than 250 trailer stalls, 24-foot clear ceiling heights and heavy power.
"Magid plans to add loading docks, renovate office spaces and add other necessary infrastructure in order to accommodate its expanding business," said Weiner. "The company initially plans to occupy approximately 450,000 square feet and offer 250,000 square feet for lease."
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2012, in the U.S. alone, this group completed more than 7,000 industrial real estate transactions - totaling 261 million square feet - with an aggregate value in excess of $8.43 billion.