Firm Plans To Redevelop Former Brach's Property Into New $43M, 520,000-SF Industrial Facility
Itasca, IL-based ML Realty Partners LLC acquired second land tract for its future distribution facility project. The developer purchased 2.29 acres adjacent to the former Brach's Confections facility at 401 N. Cicero Ave. it bought nearly a year ago. Gold Realty Group Corp. sold the two properties, totaling about 30 acres, for $6.85 million, or about $228,333 per acre.
The Brach's facility, a 10-story, 2 million-square-foot industrial building, will be leveled to make way for a 520,000-square-foot, state-of-the-art industrial distribution facility. Much of the remainder of the land is paved parking or smaller buildings. The $43 million project would reportedly be supported with $10.6 million in tax increment financing assistance to help with demolition and remediation of the site.
The new distribution center will bring about 200 jobs to the Northwest Industrial Planned Manufacturing District (PMD) in the Austin neighborhood in Cook County. Originally built in 1922, the facility has been unoccupied for several years.
Rodger Chenore, SIOR, Jeffrey Girling and Terry Lynch with Paine/Wetzel ONCOR International Inc. represented the seller.
For more information on this transaction, please see CoStar COMPS #1608972 and 1612937.