Industrial Properties Sell for $18 Per SF

CHICAGO-With a deal in the works for a 14-screen Loew’s Theatre building in northwest suburban Streamwood, two industrial properties on the city’s South Side became the main commercial real estate event at Sheldon Good & Co.’s recent auction. Also taken off the board before the gavel had a chance to swing was a 27,600-sf church in Hyde Park that although zoned for multifamily use, was acquired by a buyer who intends to use it as a home.

Two separate buyers acquired neighboring properties at 700 W. Emerald Ave. and 4041 S. Emerald Ave. for a combined $1.025 million. The 10,480-sf floral shop on 1.2 acres at the corner of Union Avenue and 41st Street went for $625,000, while the 46,000-sf former foundry on 1.37 acres at Emerald and 41st fetched $400,000.

Meanwhile, potential buyers of a 65,568-sf movie theater complex on 14.68-acres at 1500 Buttitta Dr., just went of Barrington Road, had to be turned away. A pre-emptive offer was made, explains Sheldon Good & Co. president Alan R. Kravets, but the property could be up for auction again in the first quarter if the balance of earnest money is not delivered.

The two-story granite Shiloh Baptist Church at 4840 S. Dorchester in the Hyde Park neighborhood was acquired for $410,000, says chairman and chief executive officer Steven L. Good. In addition to living there, the buyers intend to open a cooking school at the building, he adds.