Another West Loop Industrial Building to be Rehabbed

CHICAGO-GRP Clinton LLC has acquired a 33,000-sf industrial building at 900 S. Clinton St., within the proposed Jefferson/Roosevelt TIF district. The seller, 900 South Clinton Account Partnership, a private investment trust, listed the building for sale at $2 million.

The three-story circa-1920s, brick and limestone building is being converted from light industrial to an updated loft-style, 24/7 access office facility. Capital improvements, estimated at $1.2 million, include a controlled-access, surface parking lot; a new roof; new heating and air conditioning systems with control panels for each floor; new windows; new lighting fixtures; new elevator and lobby; and new restrooms on each floor. The renovations are expected to be completed during 2001.

GRP Clinton LLC is an affiliate of Chicago-based investment and development firm, Granite Realty Partners Inc., founded in 1998 by principals Robert L. Palley and Scott D. Inbinder, who develop office, industrial, retail and multifamily properties in the Midwest region.