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REIT Acquires Beltone Building in $4M Sale-Leaseback

CHICAGO-The hearing aid maker leases back 36,000 sf in the 127,300-sf building at 4201 W. Victoria Ave., which CenterPoint Properties Trust will renovate for multiple tenants. The 45-year-old building also comes with 5.5 acres in the North Park community.

By Mark Ruda | Updated on January 24, 2006

(To read more on the industrial market, click here.)

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.

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