Perry Schonfeld Of LBA Logistics Acquires Industrial Asset In Schaumburg From Joseph Sitt For $21.4M

1211 Tower Road is an industrial asset located in Schaumburg, featuring a size of 109,000 square feet. The property was sold for $21.4 million, equating to a price per square foot of $196. The asset is highly positioned within the market, particularly as Chicago-area industrial construction slows.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $21,400,000
• Buyer: Perry Schonfeld - LBA Logistics
• Seller: Joseph Sitt - Thor Equities
• Lender: Wintrust Bank

Perry Schonfeld, representing LBA Logistics, has acquired the property from Joseph Sitt, who represented Thor Equities. This transaction marks the culmination of a redevelopment project that successfully attracted a buyer amid a changing industrial market in the region.