Search
 

Centrum Sells Garage for $8M for Showroom

CHICAGO-Luxury Motors is buying a 136,000-sf four-story parking garage with plans to turn the building into a retail showroom.

By Gina Kenny | Updated on July 25, 2007

CHICAGO-Luxury Motors Inc., based in Franklin Park, IL, has acquired a four-story parking garage at the northeast corner of Chicago Avenue and Larrabee Street from Centrum Properties, based here. Michael Shields, executive vice president with Chicago-based Northern Realty Group Inc., negotiated the sale of the approximate 136,000-sf parking structure located across the street from 600 W. Chicago Ave. Shields would not disclose the sales price but sources pegged the price at approximately $8.5 million. Luxury Motors has plans to renovate the garage into a retail showroom and service center, he says. Shields did not have estimates on the cost of renovations or when the facility would open.

A joint venture with Centrum, Taconic Investment Partners and Angelo Gordon & Co. sold 600 W. Chicago and two other parking garages to a group of New York City private investors last month for reportedly $300 million, as reported by GlobeSt.com. Three leases for the building, which was constructed in 1908 as a distribution center for Montgomery Ward, were signed before the sale and were negotiated by Shields and Leslie Mader, also with Northern Realty Group, Shields says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.