So far, Inland officials report the building is drawing interest from potential purchasers who would continue using it for offices, as well as others who eye it as a potential mixed-use redevelopment that would include multifamily and retail use. The loft-style building has wooden timber ceiling beams, similar to another property Inland Real Estate recently brokered.
A 47,000-sf loft building about one block away at 420 W. Ontario St., which recently was used as a brewery for the Berghoff restaurant, sold in December for $4.5 million to a buyer who planned to convert it to 30 loft condominiums.
In addition to the building, the property includes an adjacent 16,000-sf site next to the feeder ramp to the Kennedy Expressway. According to the Cook County assessor's office, 60% of the property's value is in the land.
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