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.
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