Bought late last year by Chicago-based Miglin Properties L.L.C. for $4.95 million, the building is undergoing its first major renovation. Features include a terra cotta design. The renovation will expand the two-story, 49,000-sf building to 90,000 sf along with adding a parking garage. Developer Duke Miglin says the building already is 100% leased.
The project is being financed by a $7.1-million mortgage from Suburban Bank and Trust at 4.75%, according to property records. The work is being done by Rycoral Construction, L.L.C. and 1040 West, L.L.C.
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