Lee & Associates has closed a $4.3 million sale transaction for a 228,586-square-foot industrial building located on nine acres at 2525 Armitage Avenue in Melrose Park, Illinois. Ryan Kehoe, vice president, and John Sharpe, principal, of Lee & Associates’ Illinois office, represented the seller. Cushman & Wakefield represented the buyer, a user/investor.
This is the third and final building Lee & Associates has brokered from the former Alberto Culver headquarter complex. Previously, Kehoe and Sharpe sold the 77,000-square-foot building at 2020 Indian Boundary Drive. Additionally, they leased the 2040 Indian Boundary Drive building (28,000 square feet on 3.5 acres) to First Transit for 10 years, and later sold that facility to a trade buyer.
“There is still a high demand for larger, functional Class C and there are very few opportunities for sale in the market place at this time,” Kehoe said. “The existing inventory is either overpriced or has deferred maintenance which many users are unwilling to address. In this case, although the 2525 Armitage building did have some deferred maintenance, the buyer was willing to spend the money to make those upgrades to the building. They plan on relocating one of their business units from nearby Franklin Park to this facility in Melrose Park.”