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Baum Development looks to cash out of Green Exchange building in big way
The firm is seeking 10 times what it paid for the Logan Square office complex
Baum Development is selling the Green Exchange building in Logan Square, reportedly seeking 10 times what it paid for the building in 2005.
The Chicago-based firm paid $7.5 million for the 229,000-square-foot former factory at 2545 West Diversey Avenue in 2005, and now is seeking $75 million for the property, according to Crain’s.
The building along the Kennedy Expressway is anchored by Coyote Logistics, which signed a 10-year lease extension on its 175,000-square-foot space in July.
Baum financed its purchase of the former Cooper Lamp Factory with a $5.9 million loan in 2005, according to Cook County records. It spent $60 million rehabbing it, with help from a construction loan in 2009 and a $15 million federally guaranteed loan in 2010 that was to be paid back with help from city TIF money.
It refinanced with a $26.5 million from LoanCore Capital in 2012, records show.
The entire building is 98 percent leased with 24 tenants, according to a marketing flyer from CBRE. Dan Deuter, Tom Sitz and Cody Hundertmark of CBRE are representing Baum in the sale.
The building sits in one of the city’s hottest housing markets, where landlords have benefitted from demand from young residents. And a number of new developments are in the works in Logan Square, including Fifield Companies’ project on the site of the old Mega Mall. [Crain’s] — John O’Brien