Originally published by ConnectCRE.
Coldwell Banker Commercial McGuire Mears & Associates has closed the sale of a multi-tenant industrial property located at 1555 IL Rte. 75 E. in Freeport, IL. The industrial facility includes 488,000 square feet spanning six land parcels totaling approximately 55 acres. Although the final sale price wasn’t disclosed, the property 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, WI-based regional development firm. The buyer was an affiliate of Phoenix Investors, LLC, a national private commercial real estate firm headquartered in Milwaukee.
The property was under contract within weeks and closed on an expeditious timeline that worked well for both buyer and seller, said Shultz. The industrial building, which is approximately 70 years old, features 26-foot clearance, 30 exterior docks and 10 drive-in-doors.
