UPDATED, Sept. 18, 5:41 p.m.: Oak Brook’s TradeLane Properties purchased a former General Motors facility in Broadview for $14.07 million.
Mark and Michael Nelson, the founders of Chicago’s former NelsonHill brokerage, made a $1.4 million profit after holding the 17-acre Broadview property for only one year.
They purchased the property at 2600 South 25th Avenue for $12.625 million as a “last-mile” service location to Chicago, according to a press release. The building has 24 tenants, including Arizona Beverages, Pep Boys, Men’s Mad Style and BT Trucking, according to its website.
The brothers decided to shed the property after Chicago-based JLL acquired NelsonHill in July, and they decided to relocate to San Diego. The sale of the 390,000-square-foot building also offers a quick profit in a hot industrial market and an easy-access location off I-290, according to the release.
The purchase is TradeLane Properties’ first, but they plan to continue last-mile operations while upgrading the property with additional car and trailer parking capacity, parking lot reconstruction and common area renovations, according to the release. The REIT’s founders hail from Colorado-based DCT Industrial Operating Partnership LP, which was acquired by Prologis last year.
The building was built in 1966 for General Motors with renovations in 2000 and 2010, according to ReBusiness Online. The building has 20-foot ceilings, and tenants pay monthly rent of $8.50 per square foot, according to NelsonHill documents.
The larger industrial market surrounding Broadview has featured a number of high-profile sales in the past year, including the piecemeal sale of Oak Brook’s old McDonald’s campus. Hines Interest will redevelop part of that site into mixed-use residential, office, and commercial space, and beauty magnate John Paul DeJoria bought an 80-acre piece of the site this summer.
Correction: A previous version of this article incorrectly stated that JLL is based in California.