Missner Invests in Ill.-Based Corporate Grove Business Park
The company acquired a fully leased 121,000-square-foot industrial facility in Buffalo Grove, Ill., and plans to use it as investment property.
By Roxana Baiceanu
900-950 Busch Parkway, Buffalo Grove, Ill.
The Missner Group is the newest investor in Buffalo Grove’s Corporate Grove Business Park after acquiring a 121,000-square-foot industrial building. The company’s CEO Barry Missner and Executive Vice President Edward Adler led the negotiations. Cushman & Wakefield’s Executive Director Brett Kroner represented the seller.
“(This) is a stabilized asset with a quality tenancy and a dependable cash-flow, as well as located in a strong infill location with high barriers to develop new property. As such, it made a sound investment with the potential for significant ROI for our investors,” Missner said about the property, in prepared remarks.
An Asset Part of an Awarded Business Park
The property sits on 8.8 acres at 900-950 Busch Parkway and it was expanded by 71,000 square feet in 1999. It features 21- to 26-foot ceiling heights, five truck docks, two drive-in doors, an air-conditioned warehouse and a 241-vehicle parking lot.
Out of the total space, 13,000 square feet are destined for office usage, with 6,000 square feet already leased to three tenants. Rockin’ Jump Indoor Trampoline Park and The Pillow Factory leased the remaining industrial space.
The site is part of a 200-acre business park developed by Van Vlissingen and Co. in 1986. At the time of completion, it received the Chicago Sun-Times Suburban Development of the Year Award. Located at the intersection of Milwaukee Avenue and Busch Parkway, the business park is close to Interstate 94/294 and just a few miles from the Chicago O’Hare International Airport.
The sale added to Missner’s activity in Chicago. Just last month, the company was appointed to complete renovation work at Illinois Bone & Joint Institute.
Image courtesy of The Missner Group
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