Centrum Properties has teamed up with Hansen Realty to acquire 355,000 square feet of office and flex space located in the North Center neighborhood of Chicago’s North Side.
A joint venture of Chicago-based Centrum Properties, Hansen Realty, and New York-based Angelo Gordon & Co. took control of the office and warehouse building from its former owner in December for an undisclosed amount.
This marks the end of an era, as Bodine Electric plans to relocate its offices to Iowa and Northfield, Ill at the expiration of the lease on January 31, 2011. Bodine has operated small engine manufacturing from the building at 2500 W. Bradley for more than 60 years.
The move leaves more than 250,000 square feet of leasable office and warehouse space. The group has set aside a significant amount of money for renovations, tenant improvements and leasing commissions to help attract new tenants. “We believe this location and building is a great opportunity for flex-office, tech, education and light industrial users looking to be in Chicago at historically low rates,” says Adam Parla with Hansen. The marketing efforts will be handled by both Hansen Realty and Centrum Properties.
Hansen Realty and Centrum Properties have owned the adjacent Business Center since 2007, and had success leasing the majority of the space to large corporations. The firm has even converted one of the buildings to a movie studio, leasing to Warner Brothers for such films as The Dark Knight , Home for the Holidays, and Contagion.
A full campus at 2500 W. Bradley would make up the largest office park on the North Side of Chicago.
