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CHICAGO-The Building Commission of Chicago purchased a 112,000-square-foot industrial building on five acres at 3721 S. St. Louis Ave. Paying $3 million for the site, the commission has already razed the building and plans to redevelop the property into a Chicago public school.

“It’s an underserved area, and they were looking to do public schools in those areas which are currently under served. They have demoed the building and are planning and building on a fast track,” says Michael Nelson, VP at Paine/Wetzel ONCOR International, which represented the seller, Hei Yeng Kwok. A Chinese investor, Kwok bought the building about two years ago for $2 million. Nelson did not have any details on the planned size of the school.

The building was once used by the state of Illinois for the storage of documents, but had been vacant for about five years. The property is in East Garfield Park, adjacent to Garfield Park Conservatory and close to interstates 55 and 294. The most recent sale was the third transaction in as many years for the property, which is located in the Brighton Park submarket.

“It’s actually doing pretty good,” Nelson tells GlobeSt.com. “It’s a Hispanic market, and in all of the markets we work, Hispanic markets are the strongest and have the least vacancies.”

Further south, in the Pullman submarket, Paine/Wetzel ONCOR International also recently completed the sale of a 37,000-square-foot building on 1.3 acres at 11235 S. Cottage Grove. The building was purchased from Cook Financial by Recycle Tech for $1.3 million. Recycle Tech will relocate from 1300 S. Kostner Ave. to its new facility, which is close to the Dan Ryan and Interstate 57 and offers 23-foot ceilings, heavy power capacity and extensive loading capabilities.

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