NAI Hanson said Thursday in a news release that DermaRite sold the 126,000-square-foot industrial building at 7777 West Side Ave. to Terreno Realty Corp. in a deal two years in the making.
Andrew Somple, Scott Perkins and Christopher Todd of NAI Hanson represented both the buyer and the seller.
“This sale is a continuance of a trend of investors searching for quality brick-and-mortar investment opportunities,” Somple said in a prepared statement. “Through this sale-leaseback arrangement, DermaRite was able to sell to Terreno and continue to occupy space while focusing on their primary business.”
NAI Hanson said the deal, which began two years ago, was complicated by the sale of DermaRite by its previous ownership. DermaRite had owned the building for five years.
“The former owners of DermaRite recognized the benefits of this transaction, and worked with NAI James E. Hanson because of our expertise,” Perkins said in a statement. “We advised them and the buyer, Terreno, to execute a deal that was mutually beneficial for both parties and in line with their long-term business goals.”