The Missner Group Acquires 78,000 Square Foot Industrial Property in Skokie
Signs Lease to Full-Building Tenant in Acquisition Process
(Skokie, Illinois) – The Missner Group is pleased to announce the firm acquired a 78,000 square foot industrial warehouse lease at 6565 W. Howard Street in Niles, Illinois valued at approximately $3.5 million and subsequently signed a full-building lease to Avery Dennison (NYSE:AVY).
The Missner Group purchased the two-story facility from The Feld Family Limited Partnership based on its location and viability in the marketplace. The property is comprised of 22,000 square feet of office over two floors and nearly 56,000 square feet of warehouse/manufacturing space. Located at Howard Street within a few miles of I-94, the building sits on 3.6 acres and features 20’ clear heights, five exterior docks and one drive-in door.
“The property was a strongly-qualified addition to our portfolio,” said The Missner Group’s President, Barry Missner. “During the due diligence process, Avery Dennison demonstrated an interest in the property. Together with our brokerage team at Colliers, we were able to negotiate a lease to the Fortune 200 company, which filled the vacancy and provided an instant return on our investment.”
Avery Dennison is a global leader in labeling and packaging materials and solutions. Headquartered in Glendale, California, the company operates in more than 50 countries and with more than 25,000 employees worldwide. The firm selected the building for its mix of office and warehouse space and location. Missner and Ed Adler, SVP of The Missner Group led the acquisition for the firm. Jack Rosenberg, Fredrick Regnery and Ned Frank of Colliers International represented The Missner Group in the purchase of the property as well as the lease to Avery Dennison. The Colliers team also represented the building’s seller. Avery Dennison was represented by Brendan Green, also of Colliers International, in the lease negotiations.
About The Missner Group
The Missner Group, headquartered in Skokie, Illinois, provides comprehensive and integrated real estate development and construction services throughout the Chicagoland and Midwestern markets. The firm, established in 1945, has completed more than $900 million in construction projects, and has developed and acquired more than 10 million square feet of commercial and industrial real estate. For more information, please visit www.missnergroup.com.