Jim McGill Of Stotan Industrial Acquires Meadows Office Center I In Addison For $8.2M

The property involved in this transaction is located at 2349 Lake Street in Addison, IL. It is an office asset that spans 16,550 square feet and sits on 9.8 acres. The sale price for this asset was $8,200,000, which equates to a price per square foot of $495.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $8,200,000
• Address: 2349 Lake Street
• Market: Addison
• SF: 16,550
• PPSF: $495
• Buyer: Jim McGill - Stotan Industrial
• Seller: Ward Fitzgerald - EQT Exeter
• Brokers: Cody Hundertmark, Dan Deuter, Jason West, Jeremiah Olsen, Sean Henrick & Tom Sitz - Cushman & Wakefield

The transaction involved key individuals representing both the buyer and seller, with Jim McGill acquiring the property for Stotan Industrial, while Ward Fitzgerald represented EQT Exeter as the seller. The brokerage team from Cushman & Wakefield facilitated the transaction through several agents, including Cody Hundertmark, Dan Deuter, and others.

NOTE: Stotan Industrial plans to demolish the existing structure and construct a 135,000-square-foot warehouse, contingent on tenant lease terminations, reflecting a trend of office-to-industrial conversions driven by post-pandemic market demands.