Koll Development's build-to-suit, which can be expanded to 162,000 sf, will allow Health Care Service Corp.'s Blue Cross/Blue Shield of Illinois to move its printing, mail and administrative functions from 717 S. Des Plaines St. Blue Cross/Blue Shield will shift 80 employees to the build-to-suit, and eventually could have 200 working there. The project recently won an endorsement from the plan commission.

Meanwhile, the two timber loft buildings could have a future as mixed-use redevelopments. They are 65% occupied, according to Inland Real Estate Auctions president and chief executive officer Frank Diliberto, and produce gross revenue of $1.1 million. In addition to light industrial use, the property's location less than a mile south of the University of Illinois-Chicago campus could make it a candidate for multifamily, office and retail uses.

"A chance to control this amount of space within a couple of blocks affords a developer the opportunity to control the area market and make a significant splash within the local economy," Diliberto says. "A development plan will provide a transformation in the neighborhood. Or it could present a landlord with a multi-tenant opportunity for immediate rental cash flow."