CHICAGO-Two of the main tenants at the Near North Business Center at 2500 W. Bradley have renewed their leases at the flex park. Cable provider RCN has renewed 60,000 square feet and AlStyle Apparel has renewed 82,100 square feet, both mostly warehouse spaces.
The four-building, 500,000-square-foot complex was once the headquarters for Bodine Electric Co., a small motor manufacturer that has since moved its offices to Northfield, IL. Chicago-based Centrum Properties and Hansen Realty Inc. joined with New York City-based Angelo Gordon in December to buy up most of the complex for $6.5 million.
Now, the North Side complex is about 60% leased to various tenants. Rick Hansen, a principal at the self-named firm, tells GlobeSt.com that he’s negotiating with future tenants for another 200,000 square feet. “About 100,000 square feet will be industrial, and the other 100,000 square feet is for an office tenant,” he says. Warner Bros. is also a tenant, having taken over a space once occupied by Midway Gaming last year.
The purchase of the complex was seen as a grab-up of a mostly-vacant property from Wrightwood Capital, which reportedly bought the site for more than $21 million in 2008. Hansen says he’s been delightfully surprised at the demand. “I think there’s some strength here because it’s seen as an alternative to downtown,” Hansen says. The complex is across W. Bradley from the WGN-Television studios.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
