The building was sold by CKP Corp., a private real estate investment trust that owned it for 50 years. Property records indicate the deal includes a $6-million mortgage from Broadway Bank with CKP Corp. holding a second mortgage for the remainder of the purchase price.
While Conversion Marketing & Management will keep most of the brick and concrete-framed façade of the existing building, a 22-story tower also will rise on the West Loop location that overlooks the Kennedy Expressway. A groundbreaking is scheduled at the two-thirds-acre site for next month, with completion scheduled for summer 2004.
NAI Hiffman chairman and CEO Dennis J. Hiffman and VP John P. McGuinnis represented CKP Corp., while senior associate Brian W. Colson of the firm represented the condominium converters.
Units will range from 575 sf to 1,520 sf and be priced from $141,900 to $350,000. Pappageorge/Haymes Ltd. is project architect and Linn Mathes Inc. is the general contractor.
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