CHICAGO-Chica Marketplace LLC, a real estate investment, management and construction company, has completed its $4.3 million purchase of the former Campbell Soup Co. plant here at 26 W. 35^th St. Glazer’s Distributors sold the 680,000-square-foot building, which opened as Campbell’s second plant in 1929 and closed in 1988.

The buyer said it will redevelop the 680,000-square-foot warehouse and office complex into a multitenant facility offering modern warehouse, office and commercial loft space. The building will be renamed the 55 Chicago Business Center, said Edward Wabick, a principal with Paine/Wetzel-Oncor International. He represented the buyer in the transaction. “The property offers extremely clean and well-maintained space,” he said in a statement. When Campbell’s left the property, a company spokesman reportedly said the site was obsolete to the point of tear-down.

The property is sited on approximately 17 acres just south of the Stevenson Expressway and includes two buildings: a multi-story warehouse and office building and a single-story warehouse with 20 interior dock positions. Both buildings were constructed in the 1920’s and were used until the late 1980s by the Campbell for soup processing and warehousing. Later, the facilities were used by General Mills and, most recently, Glazer’s Distributors, which employed the facility as the headquarters for its Union Beverage Co. before that company was acquired by Chicago’s Wirtz family in 2008. Jones Lang LaSalle represented Glazer’s in the sale.

Records show the complex had been offered for sale for $2 million, with operating expenses estimated at about $417,000. The deal reportedly included a $2.3 million loan from Glazer’s, which had purchased the property in 2006 for $5.8 million, according to Grubb & Ellis.