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CHICAGO-CenterPoint Properties Trust plans to redevelop most of the former Beltone building at 4201 W. Victoria Ave., in an area increasingly surrounded by new residential development. The Oak Brook-based REIT paid $4.2 million for the 127,300-sf building with plans to divide it for use by multiple tenants.
Among those tenants is Beltone, even though it has moved its headquarters to north suburban Glenview. The hearing aid maker is leasing back 36,000 sf for manufacturing and assembly operations.
The 45-year-old building, which is expected to undergo interior and exterior renovations, also comes with 5.5 acres in the North Park community. The property is south of the Sauganash Village townhouse development along Peterson Avenue, and less than a quarter-mile north and northwest from two cemeteries.
A CB Richard Ellis team of Keith Puritz, Brett Kroner and Ryan Bain represented both CenterPoint Properties Trust and Beltone. CB Richard Ellis will remain involved in the property, serving as leasing agent.
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