SVN|Chicago Commercial brokered the sale of a 45,000-square-foot, non-conforming industrial property for $1.549 million. Located at 325 S Union Street in Aurora, Illinois, the 111-year-old building, once utilized for manufacturing World War II vehicle parts, is set for a conversion into a multifamily residential development.
SVN | Chicago Commercial represented the seller in the transaction, with James Mead serving as the lead broker.
The buyer, specializing in adaptive reuse projects, plans to use historic tax credits to convert the industrial building into market-rate multifamily housing. The sale underscores the growing demand for creative repurposing of older industrial assets in urban areas and the strategic value of historic tax incentives in multifamily redevelopment.
