CHICAGO—The Chicago based Sitex Group recently wrapped up the redevelopment of a two-building industrial complex located at 2680-90 West Lake St. and 2800-2840 West Lake St. in suburban Melrose Park.
Sitex purchased the 273,073-square-foot complex, built in the 1970s, from the Village of Bellwood in April 2013. At the time, the property was somewhat dilapidated, but Sitex soon launched on a capital improvement program that transformed it into a modern functional warehouse distribution center.
The larger of the two properties, located at 2800-2840 West Lake, has 170,920-square-feet and features 4,500-square-feet of office, 22' clear ceiling heights and 12 exterior docks, although it's expandable to 18. The multi-tenant building at 2680-2690 West Lake has 102,153-square-feet, accommodates three tenants and features 22' clear and features 18 exterior loading docks.
Sitex gave the property an exterior renovation that included a new façade, parking lots and landscaping. Inside, Sitex upgraded the office space and installed high efficiency lighting and new dock equipment. Tenants now occupy 72% of the complex.
“With its proximity to Chicago and surrounding submarkets via I-290 and I-294, this was an ideal infill location and an opportunity we could not pass up,” said Cary Goldman, a Sitex partner.
“We couldn't be happier,” said Melrose Park Mayor Ron Serpico in a prepared statement. “Sitex has not only replaced a blighted area with a beautiful facility but it has helped to spur Melrose Park's ongoing economic renaissance.”
Founded in 2001, the company just launched Sitex Fund VIII, and is currently seeking opportunities in the Chicago, New York/New Jersey and Los Angeles markets.
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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.
