Factory Card & Party Outlet Mulling Move

NAPERVILLE, IL-Although this western suburb has landed OfficeMax Inc.’s corporate headquarters, another locally-based company may be looking elsewhere. Factory Card & Party Outlet, which has a lease at a 440,343-sf office and warehouse building at 2727 Diehl Rd. through February 2008, is considering a move.

The party supply and greeting card company has hired Grubb & Ellis Co. to explore its options, which could include staying in its current location, part of the first phase of a $392.7-million portfolio sale by CenterPoint Properties Trust to a joint venture with Australia-based James Fielding US Industrial Trust. Grubb & Ellis senior vice presidents Jerry Bloomstrand, Jack Cozzie and Mark Stables, along with vice president Dominic Carbonari have the assignment to help Factory Card & Party Outlet weigh its alternatives.

The building has 71,025 sf of office space, while the warehouse includes 35-foot clear ceiling heights and 18 docks. The property, valued at $32.3 million in its May sale to the joint venture, also includes 247 parking spaces on its 38.5-acre site.