Coldwell Banker Commercial McGuire Mears & Associates is pleased to announce that it has closed the sale of a multi-tenant industrial property at 1555 IL Route 75 East in Freeport, Ill. The industrial facility includes 488,000 square feet spanning six land parcels totaling approximately 55 acres. It was listed at $7 million.
Adam Shultz of Coldwell Banker Commercial McGuire Mears & Associates was the exclusive broker for the seller, an affiliate of Badger Property Investments, LLC, a Janesville, Wisconsin-based regional development firm. The buyer was an affiliate of Phoenix Investors, LLC, a national private commercial real estate firm headquartered in Milwaukee.
The industrial building, which is approximately 70 years old, features 26-foot clearance, 30 exterior docks and 10 drive-in-doors.
“I was pleased to represent Badger Property Investments, LLC in the successful sale of this property, an investment opportunity with great promise,” said Shultz. He had approached the owner of more than 20 years with the potential of selling the property in May 2022. After assembling an off-market sale package, Shultz distributed the package to a short list of two capable buyers and one buyer’s agent, which quickly resulted in an offer from an affiliate of Phoenix Investors, LLC. The property was under contract within weeks and closed on an expeditious timeline that worked well for both buyer and seller, said Shultz.
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial McGuire Mears & Associates, an affiliate of Coldwell Banker Commercial®, provides real estate solutions while serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.