Brown Commercial Group negotiates sale of 5.5-acre site

Brown Commercial Group recently represented both the buyer and seller in the sale of a 5.59-acre site in Bartlett, Illinois. Lis Trucking Inc. purchased the property from Abbott Land and Investment and is converting the land into parking to support its growing freight carrier business.

“The Chicago industrial market continues to see a shortage of outdoor space suitable for companies with transportation-related needs,” said Dan Brown, president of Brown Commercial Group. “Through this off-market transaction, we were able to support this growing trucking operation as it looks to expand in the northwest suburbs.”

Dan Brown represented the seller in the transaction while Brown Commercial Group broker, Candace Scurto, represented Lis Trucking. The property is at 2300 Graham Street. Lis Trucking will use 3.35 acres for truck parking and will continue to lease 2.24 acres to the current tenant, a landscaping company. An 8,400-square-foot industrial building and a 2,200-square-foot office trailer on site will be used by Lis Trucking as offices.

The transaction required multiple steps to completion, including amending village zoning to allow for expanded use on the site. Norridge, Illinois-based Lis Trucking chose the property because of its location just inside of Kane County, which offered strong tax advantages. Very few sites are available for truck parking, especially in suburban infill markets.

A shortage of truck parking has become particularly acute in recent years with the growth in e-commerce—and most recently with further expansion of delivery services during the pandemic. In March, The American Trucking Association (ATA) reported that more than half of all truck drivers had been forced to park on the shoulders of highway ramps or in other unsafe locations to rest because of lack of available truck parking spaces. Drivers lose an average of $5,500 in wages annually because they are driving around looking for parking spots, ATA reports.

Source: REJournals