Siding firm sells 4 buildings in Elk Grove Village

(Crain's) — Aluminum siding maker Rollex Corp. has sold four industrial buildings in Elk Grove Village totaling 670,000 square feet to ProLogis as part of a consolidation.

Closely held Rollex will relocate its headquarters and move all its manufacturing and warehouse operations to a 340,000-square-foot building it is keeping at 800 Chase Ave. in the northwest suburb near O'Hare International Airport, according to sources familiar with the matter.

Developers in the industrial markets around O'Hare and the Interstate 55 corridor were monitoring the situation closely because Rollex had considered relocating to southwest suburban Romeoville near I-55. Sources say costs and complications of moving its manufacturing operation deterred Rollex from the move.

Rollex president Richard Surkamer didn't return a call seeking comment. The company was represented in the sale by Mike Fonda of Cushman & Wakefield Inc., who declines to comment.

Rollex has signed short-term leases at three of the four buildings it is selling to ProLogis, the world's largest owner and developer of warehouse distribution facilities.

Denver-based ProLogis has been on a buying binge throughout the Chicago area, and now owns about 21 million square feet here including more than 100 facilities. This is ProLogis's fourth acquisition in Chicago this year.

The buildings ProLogis bought from Rollex are at 1001 Busse Road, 2001 and 2021 Lunt Ave. and 1501 Nicholas Blvd.

The property at 1501 Nicholas, a 224,000-square-foot building, is already vacant and ProLogis will redevelop it. A ProLogis spokesman declines to comment.

A price for the transaction, which closed last week, couldn't be determined.