Gerald Olson represented the Palatine, IL-based residential developer, while principal David Mitidiero and VP Jason Press of the firm represented the seller.
"This was an obvious re-use play," Olson says in a statement. "Here was an industrial building which fit the definition of functional obsolescence, sitting on six plus acres in Portage Park surrounded by residential. It was a perfect match for Concord."
However, a price of nearly $2 million per acre was hardly an easy sell, even though residential redevelopment opportunities on the Northwest Side are scarce. "It was an educational process," Mitidiero explains. "Price is a function of density and density is a function of the rezoning. Jerry knew exactly which developers to approach, knowing from experience that Concord could deliver the optimum value for both parties as well as the community."
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