Transwestern Brokers Sale and Acquisition of Condiment Manufacturers Facilities
October 18, 2021
CHICAGO – Transwestern Real Estate Services (TRS) announces that E. Formella & Sons, a global condiment manufacturing company, sold its 32,880-square-foot facility at 411 E. Plainfield Road in Countryside, Illinois. E. Formella & Sons then purchased a new 45,594-square-foot facility at 16425 S. Kilbourn Ave. in Oak Forest, Illinois. Transwestern Executive Vice President Terri Alexander, SIOR represented E. Formella & Sons in the sale of its former facility. Alexander and Transwestern Vice President Alex Genova assisted E. Formella & Sons in site selection, representing them in the purchase of their new facility.
“Finding a suitable property to facilitate E. Formella & Sons’ growth while simultaneously selling 411 E. Plainfield Road amid the current industrial boom meant that we were up against some competition,” said Alexander. “We negotiated a competitive price for a facility that offers incentives from the city and will enable our client to double their production, all within a convenient location.”
The national industrial sector continues to outperform all other property types, as the rise of e-commerce and third-party logistics providers has created even greater demand for warehouse and distribution space. Leasing activity in the Near South Cook submarket has accelerated over the past 12 months, resulting in nearly 2 million square feet of positive absorption in 2021 to date. Vacancy remained tight at 5.1% during Q3 2021, driving asking rents in the submarket up 10% year-over-year.
Countryside KC LLC acquired E. Formella & Sons’ former facility at 411 E. Plainfield Road. American Blue Ribbon Holdings, LLC, the previous owner of the property at 16425 S. Kilbourn Ave., was represented by Hilco Real Estate’s Chet Evans and Kiefer Price.
Photography is available for download here.
About E. Formella & Sons
E. Formella & Sons, Inc. is a global, family-operated company that prides itself on offering a wide variety of authentic Italian specialties as well as other unique and distinctive gourmet foods. Founded in 1909 by Enrico and Rosina Formella, E. Formella & Sons produces giardiniera, muffuletta, stuffed olives, pasta sauces, pizza sauces, salsas and more, as well as private label offerings. We strive to exceed our customers’ expectations to earn their loyalty and have them “sing our praises” to others.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.