(Chicago, Illinois) NelsonHill is pleased to announce that the firm has completed the acquisition of a 53,000 square foot industrial manufacturing building in Burr Ridge, Illinois.
Popcorn Palace has purchased the industrial building at 16 W. 030 83rd Street for the expansion and relocation of their operations from Schiller Park. The company has more than doubled in size and has converted the property into a food grade, popcorn manufacturing facility. Popcorn Palace plans to occupy 34,760 square feet of space within the facility which they selected due to its strategic location relative to the I-55 and I-294 and its favorable proximity to the City of Chicago, as well as low DuPage County taxes. Established over 15 years ago, Popcorn Palace is a privately owned company providing products for fundraising, corporate gifts, wedding and party favors.
The Burr Ridge building was formerly occupied by ProSORT Services, one of the nation’s largest presorting companies, who used the building to process approximately 1.5 million pieces of mail daily in a fully air-conditioned environment. Much of the existing infrastructure was beneficial for Popcorn Palace’s manufacturing operation. NelsonHill has also been retained by Popcorn Palace to lease the remaining 18,240 square feet of space which features: heavy power, two interior loading docks, two drive-in doors, 18’ clear height and new T5 lighting.
Mark Nelson and Michael Nelson, Principals of NelsonHill represented the buyer, Popcorn Palace, in the transaction and assisted their client with favorable SBA financing through SomerCor who provided capital for the acquisition and redevelopment at a historically low interest rate. Harley Korman of Korman Lederer worked on behalf of ownership.
NelsonHill is a privately held Chicago based, full service commercial real estate firm. Established to create maximum value for their clients in real estate, the company implements a client-driven, performance based model. www.nelsonhill.com