CHICAGO, IL- NelsonHill announced this week that they had completed the sale of the Lincolnwood Business Center in Lincolnwood. Margolin Shoes & Apparel, the Chicago-based wholesaler, expressed a bit of confidence in the suburban commercial real estate market by buying the Lincolnwood Business Center in Lincolnwood not just as their new headquarters, but as an investment. The privately-owned firm will move from a Chicago location into 73,000 SF of space in the 234,817 SF building at 7001 N. Central Park, which was about 67% leased at the time of the sale. Present tenants include Sterling Collision, TenFab and Goggin.
The mixed-use building sold for $4,000,000.
Mark Nelson and Michael Nelson of NelsonHill represented MB Financial Bank and the seller Lincolnwood Plaza I, LLC in the transaction. Mike Wilens from KBF Corporate Realty represented Margolin.
The purchase is just the latest in a sting of sales in the surrounding area. In 2012, around 1 million SF of industrial space was purchased in the North Suburban subregion, nearly four times greater than the total in 2011, according to a year-end report by Colliers International. The researchers predicted that in 2013 sales “activity should increase as seller's pricing expectations come closer in line with buyer values.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
