CHICAGO-The former 70,000-sf Heick Die Casting plant at 6550 W. Diversey Ave., across the street from the Brickyard Mall, has been sold for $2.7 million. The new owners has plans for a residential building on the 2.8-acre site.

With the property being rezoned RS-3, the new owner can build more than 100,000 sf of space on the site, which would follow a residential redevelopment trend in the Belmont-Cragin area. “With the redevelopment of Brickyard Mall nearby, rezoning 6550 West Diversey for residential development made the most sense,” says George Maragos, a member of the CB Richard Ellis team that represented Heick Die Casting. Marcello Campanini, and Scott Duerkop also were involved in negotiations for the seller.

The 70,000-sf industrial building was built in 1966. The acquisition was financed by a $2.7-million adjustable rate mortgage from Parkway Bank & Trust, property records indicate, at an initial rate of 4.5%. Across the street, manufacturing uses co-exist with the neighboring “lifestyle style” in the 6600 block of W. Diversey Avenue.

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