Earlier this summer, the seven-story building was purchased by aprivate LLC from Crown Properties Inc. for an undisclosed amount.New York-based Crown Properties was represented by Cushman &Wakefield Inc.Õs Chicago office. The buyer represented itself inthat transaction.

Now, the local Chicago investor has flipped the property,according to Mitch Adams of William Kritt & Co., one of thebrokers involved in the second sale. The property was sold to aChicago-based telecom development group, Teleco Development Group.Acquisition financing was provided by Palatine-based First Bank ofIllinois.

The building, along with an adjoining 47,300 sf surface parkinglot, will be converted to a telecommunications center. In additionto True Value, current tenants included the Art Institute ofChicago, the City of Chicago, Chicago SMSA and LTDPartnerships.