Earlier this summer, the seven-story building was purchased by a private LLC from Crown Properties Inc. for an undisclosed amount. New York-based Crown Properties was represented by Cushman & Wakefield Inc.Õs Chicago office. The buyer represented itself in that transaction.
Now, the local Chicago investor has flipped the property, according to Mitch Adams of William Kritt & Co., one of the brokers involved in the second sale. The property was sold to a Chicago-based telecom development group, Teleco Development Group. Acquisition financing was provided by Palatine-based First Bank of Illinois.
The building, along with an adjoining 47,300 sf surface parking lot, will be converted to a telecommunications center. In addition to True Value, current tenants included the Art Institute of Chicago, the City of Chicago, Chicago SMSA and LTD Partnerships.
According to Jeff Jacobson and Marc Boorstein, principals of MJ Partners, who along with Adams represented all parties in the second sale, the building is a natural for the telecommunications business. "The 1224 W. Van Buren building has all the attributes for an ideal telecommunications or carrier hotel property, including heavy floor loads, high ceilings, large floor plates and proximity to fiber optics, " Jacobson told GlobeSt.com. Originally designed as a manufacturing facility, it has excess riser capacity that will allow for significant technological upgrades.
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