NelsonHill has closed on the sale of a 40,000-square-foot building located at 1743 West Rosehill Drive in Chicago for the sale price of $2.60 million.
Jeron Electronics engaged Melchert of NelsonHill to help evaluate, identify and pursue a relocation option that would allow for growth and better suit their logistical needs. Once the relocation option was identified, Melchert worked diligently to find Jeron Electronics the best purchaser for their current location in Chicago’s Andersonville neighborhood.
The location serves as Jeron’s headquarters and manufacturing facility as well. The firm designs and manufactures communications and safety systems sold to healthcare facilities, correctional institutions, high-rise buildings and college campuses. Jeron’s products are all produced in Chicago.
Wanting to utilize a 1031-Exchange, Jeron Electronics, along with Melchert’s help, evaluated many prospective offers and chose the most aggressive and qualified party: Alan and Armand Candea of Candea Development. Candea Development, a local residential developer, has purchased the building with a sale leaseback agreement and with the intention for residential redevelopment in early 2016. The site is bounded by thoroughfares nearby including Bryn Mawr Avenue to the south, North Ravenswood Avenue to the west, North Clark Street to the east and Thorndale to the north.
NelsonHill’s Frank Melchert represented the seller, Jeron Electronic Systems, Inc.