NelsonHill has completed three industrial sale transactions on the north side of Chicago totaling $5.3 million.
Intrinsic Charter School has purchased the former Shannon Lumber facility at 4540 W. Belmont Ave. The property features a 40,000-square-foot lumber shed and wholesale building on 2.3 acres of land. Shannon Lumber was the owner and operator for 72 years and was in the third generation of ownership before liquidating the business and listing the property for sale with NelsonHill.
“The high ceiling, clear span nature of the structures makes this property ideal for adaptive reuse,” said Mark Nelson, principal at NelsonHill, who along with principal Michael Nelson of NelsonHill represented Shannon Lumber in the transaction. Renee Betzelos and Joe Gelber of ProTen Ralty represented the buyer Intrinsic Charter School.
Marino Dodge has purchased the remaining Gateway Chevy portfolio at 5349-5389 N. Milwaukee Ave.
“After losing a deal with an assisted living developer for the site, we went back to the basics looking for a user,” said Michael Nelson, principal with NelsonHill.
The property consists of two showroom buildings consisting of 21,400 square feet situated on 67,600 square feet of land. The NelsonHill brokers had previously sold a 28,000-square-foot land site to Auto Zone, and a building to State Farm Insurance, which were part of the same Gateway Chevy portfolio.
Mark Nelson and Michael Nelson represented ownership in the transaction. Marino Dodge was not represented.
Frank Melchert, senior vice president with NelsonHill, represented Duray Electric in the sale of its building at 2050 W. Balmoral Ave. in Chicago. The 57,000-square-foot building features 16-foot to 24-foot clear ceiling heights with parking on 1.8 acres of land.
“The lack of good product and a rising demand for industrial/flex space in this corridor meant ownership were able to command a premium from the sale,” Melchert said.
Melchert assisted Duray in its consolidation and was able to help optimize its operation by moving the company into a more efficient lease at 9400 King St. in Franklin Park. Melchert represented ownership and the buyer. The undisclosed local investor was not represented.
