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West Loop Property Flipped

CHICAGO - Former True Value Hardware loft building changes hands twice, and will be rehabbed into a carrier hotel.

By Bonnie Grota | Updated on August 03, 2000

The 200,000-sf former True Value Hardware building at 1224 W. Van Buren St. in ChicagoÕs West Loop has been sold – again. The asking price was reportedly $13 million this time around.

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.

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