RAK Realty Group And Tower Real Estate Development Acquire Industrial Facility In Plainfield For $21M

An industrial facility located at 14110 Illinois Route 59 in Plainfield, IL, was sold for $21,000,000. The property spans 42 acres and consists of a total of 340,000 square feet, translating to a price per square foot of $62.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $21,000,000
• Acres: 42
• Square Footage: 340,000
• Price per Square Foot: $62
• Buyer: RAK Realty Group; Tower Real Estate Development
• Broker: Joshua T. Hearne - Cawley Chicago

RAK Realty Group and Tower Real Estate Development acquired the property through a joint venture, with plans to reposition it from Class C to Class A. Redwood Construction Group is set to manage upgrades, including enhancements to the facade, mechanical and sprinkler systems, as well as office build-outs, dock improvements, and expanded truck capacity.