Chicago, June 2, 2010
IDI, a leading full-service industrial real estate company, today announced the sale of a 525,000 square-foot build-to-suit in the Chicagoland area. The industrial facility was built in 2009 for the current tenant, Freudenberg Household Products (FHP). The facility was sold to Freudenberg Real Estate, L.P. on May 12 for approximately $25 million.
FHP is an international manufacturer of cleaning and laundry products. The company uses the facility, located off I-88 at 2188 Diehl Road in Aurora, IL, for production, storage and distribution of household goods. The build-to-suit was originally developed to accommodate the company’s Americas’ headquarters. FHP's parent company is Freudenberg & Co., a family-owned business with 14 lines of service spanning industries including automotive, engineering and technology. The parent company is headquartered in Weinheim, Germany.
In addition to the sale of the 525,000 square-foot facility, IDI is also under contract to develop an expansion totaling 101,000 square feet of production and warehouse space to support FHP’s growing business. This space is projected to be complete prior to the end of the year. IDI’s property management division also provides full-service property management for the entire facility.
"The sale of this class-A facility coupled with the expansion project is the culmination of eight months of hard work by all parties involved," said Jeff Lanaghan, vice president in IDI's Chicago market office. "We are thrilled to have been asked to develop the expansion for FHP and look forward to delivering a facility that will serve their needs as the company continues to grow."
George Cibula, Rick Daley and Joe Bronson of Darwin Realty represented Freudenberg for the original facility and the expansion. Kirk Armour and David Prell of CBRE were IDI’s listing agents on the property. Maggie Amaya of IDI handles the property management.
About Freudenberg Household Products
Freudenberg Household Products is one of the leading international manufacturers of brand cleaning articles and systems and laundry care products. The company is the market leader in almost all countries. Products are marketed under the brand names of vileda®, O-Cedar® and Wettex®. The Business Group's success factors are detailed knowledge of the market, innovations, new and effective products and a pronounced customer orientation. These are complemented by international market and customer research, innovation centers in all regions of the world and a dedicated sales network in over 30 countries.
About IDI
IDI is a leading, full-service real estate property company with a singular focus on industrial real estate. The company provides development, investment, property management and leasing services supported by eight market-focused offices. To date, IDI has delivered 63 world-class business parks, and developed and acquired 134 million square feet of space in the U.S., Canada and Mexico for a growing roster of national and international clients. IDI also manages a portfolio of just over 56 million square feet. IDI’s investment portfolio, backed by domestic and international investors in the public and private sector, has total assets in excess of 25 million square feet. Assets are owned through a combination of development partnerships, long-term hold joint ventures and investment funds. For more information on IDI, visit www.idi.com.
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