The deals included a 29,000-sf building on 1.2 acres at 7313 N. Harlem Ave., which will be torn down and replaced by a 15,000-sf retail center by developer Joseph Marchechi. He paid nearly $2.1 million for the property, financing the purchase with a $1-million loan from Plaza Bank at 4.5%, according to property records.
Also changing hands was a 56,000-sf warehouse at 940 Greenleaf Ave., now owned by Chicago Downs Association, which paid $1.5 million for the property. It used a $450,000 loan from Bank One, according to property records, to close the deal.
Millennium Properties, Inc. associate Ben Rosenfield represented Revere Mills, Inc. on both sales. "Both deals were pretty complex, a coordination of two sales including the terms to each deal had to correspond to make Revere Mills' move to a larger facility more efficient," he says.
Angelo Difonzo of the Realty Brokers Group LLC represented Joseph Marchechi, and will continue to market the retail space. Pat McCourt from CB Richard Ellis represented Chicago Downs Association.
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