With the property being rezoned RS-3, the new owner can buildmore than 100,000 sf of space on the site, which would follow aresidential redevelopment trend in the Belmont-Cragin area. "Withthe redevelopment of Brickyard Mall nearby, rezoning 6550 WestDiversey for residential development made the most sense," saysGeorge Maragos, a member of the CB Richard Ellis team thatrepresented Heick Die Casting. Marcello Campanini, and ScottDuerkop also were involved in negotiations for the seller.
The 70,000-sf industrial building was built in 1966. Theacquisition was financed by a $2.7-million adjustable rate mortgagefrom Parkway Bank & Trust, property records indicate, at aninitial rate of 4.5%. Across the street, manufacturing usesco-exist with the neighboring "lifestyle style" in the 6600 blockof W. Diversey Avenue.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
