Clear Height Properties Acquires Well-Located Addison Industrial Building

January 11, 2022
345 s fairbank addison il

Plans Comprehensive Repositioning Plan Before Marketing for Lease

Clear Height Properties has acquired the vacant industrial building at 345 South Fairbank in Addison for the purposes of redeveloping the property and then marketing it for lease, targeting the building as a single tenant asset.

Transwestern represented the seller of the property and is marketing the property for lease. The purchase price of the asset was not disclosed.

The building at 345 South Fairbank totals 31,385 square feet of space and also includes a 900-square-foot mezzanine space. It its current condition, the building has X,XXX square feet of office space, but that level can be changed, according to the specifications of a new tenant.

Immediately upon acquisition CHP has begun an extensive capital improvement package to enhance the marketing appeal and functionality of the property that was developed in 1973. Elements of the renovation and repositioning of the property include new mechanical systems, roof repairs, driveway and parking repaving/restriping, refurbishing of the dock doors to make them fully functional, and bringing the interior space to a standard baseline that then can be modified according to tenant needs.

Tom Seurynck, Vice President, Asset Management & Acquisitions, Clear Height Properties describe the acquisition of 345 South Fairbank as a classic acquisition opportunity for the firm.

“One of our focuses continues to be acquiring small- to mid-size industrial properties that may not be achieving their greatest potential, particularly in a thriving industrial market,” he added. “Through a modernization program, we bring the assets to today’s standards, expanding alternatives for users.

Justin Lerner, who along with Kate Walsh, Joe Karmin, and Ross Lehrman, all of Transwestern are marketing the asset for lease, said the ability to transform older assets like 345 South Fairbank is significant because of the demand for space at or about 30,000 square feet and an overall vacancy in DuPage County that has remained tight—just over 5% at the end of the third quarter.