Revere Mills Cashes Out of Two Properties

NILES, IL-Revere Mills, Inc. sold two properties, one here where the importer of towels and linens makes its headquarters and another in Elk Grove Village, for a total of more than $3.5 million. The company is moving to a larger building in this north suburb.

The deals included a 29,000-sf building on 1.2 acres at 7313 N. Harlem Ave., which will be torn down and replaced by a 15,000-sf retail center by developer Joseph Marchechi. He paid nearly $2.1 million for the property, financing the purchase with a $1-million loan from Plaza Bank at 4.5%, according to property records.

Also changing hands was a 56,000-sf warehouse at 940 Greenleaf Ave., now owned by Chicago Downs Association, which paid $1.5 million for the property. It used a $450,000 loan from Bank One, according to property records, to close the deal.