Mark Nelson, SIOR and Mike Nelson, SIOR, formerly partners of NelsonHill and now senior vice presidents with JLL in San Diego, have closed on the sale of the former General Motors facility located on 17 acres at 2600 S. 25th Avenue in Broadview, Illinois. TradeLane Properties purchased the property for $14,070,000, as their first transaction in their new fund.
Last year, the Nelson brothers purchased the 390,000-square-foot property as a “last mile” service location to the city of Chicago for $12,625,000. The property, originally developed by General Motors, is now a multi-tenant warehouse featuring 20 exterior dock doors, 19 interior dock doors, four drive in doors, 100+ trailer positions, outside storage and a two-story adjacent office building totaling 36,119 square feet.
“With the dwindling supply of quality industrial space in the city we saw this as a great multi-tenant service location off I-290,” said Michael Nelson. “We never anticipated such a short hold, but with our new positions with JLLL and our recent move to San Diego, we were open to selling the property.”
Located one mile from the I-290 interchange among the deep labor pool of west Cook County, this fully functional, heavy industrial-zoned, last-mile distribution center will be repositioned to include additional car and trailer parking capacity, parking lot reconstruction, installation of new signage, landscaping improvements and tenant entrance/common area upgrades. Greenberg Traurig, CIBC Bank USA and Fidelity National Title also assisted in the transaction.