January 11, 2019
Lee & Associates Illinois has closed the $4.3-million sale of a 228,586-square-foot industrial building on nine acres at 2525 Armitage Ave. in Melrose Park, IL. It’s the third and final building Lee & Associates has brokered from the former Alberto Culver headquarters complex.
The firm’s Ryan Kehoe and John Sharpe represented the undisclosed seller. Cushman & Wakefield advised the buyer, a user/investor.
Previously, Kehoe and Sharpe sold a 77,000-square-foot property within the Alberto Culver complex to a user. They leased a 28,000-square-foot facility there to First Transit for 10 years, and later sold it 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.”
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