However, Metropolitan Development Enterprises acquires a building 97% occupied at time of closing, reports Rolling Meadows-based DK Realty Partners, LLC, which brokered the deal.
The sellers included Richard and Kristine Vanstockum, who according to property records, paid $270,000 for the property in 1993. A $671,250 loan from Metropolitan Bank & Trust helped swing the deal, property records reveal.
Metropolitan Development Enterprises could do just as well, suggests DK Realty Partners principal Paul Demik. "The upside potential is obvious," he says.
So is the building to Metra commuters on the northwest line. However, it also is across the adjacent Northwest Highway from an area slated for a $30-million redevelopment that would include 60,000 sf of retail space as well as about 50 townhomes.
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