search

The Real Deal Logo

Trending

Mohamed Hadid files for bankruptcy on Beverly Hills lot, owing $55M to creditorsMohamed Hadid files for bankruptcy on Beverly Hills lot, owing $55M to creditors99 Cents closures to open 3.8M sf of retail opportunities in SoCal 99 Cents closures to open 3.8M sf of retail opportunities in SoCal Naftali unveils sprawling $600M Williamsburg Wharf “urban resort”Naftali unveils sprawling $600M Williamsburg Wharf “urban resort”Industry says “good cause” hampers value-add projects, deters investmentIndustry says “good cause” hampers value-add projects, deters investment
Commercial
Chicago

Bradford Allen adds $9M former Guitar Center to Arlington Heights assemblage

Master-planned community to include retail, residential and medical space

Arlington Heights Guitar center to become mixed use development
Bradford Allen co-founders Jeffrey Bernstein and Laurence Elbaum with the Guitar Center at 2375 South Arlington Heights Road in Arlington Heights (Bradford Allen, Getty, Google Maps)

Bradford Allen added what could be the priciest piece yet to an assemblage of Arlington Heights properties that the firm plans to develop into a 16-acre master planned community at the corner of Interstate 90 and Arlington Heights Road. 

The Chicago-based firm bought a Guitar Center building at 2375 South Arlington Heights Road last month for $9 million, Cook County records show. 

The hefty price tag for the suburban property demonstrates the firm’s determination to accumulate the acreage needed to fulfill its plans. 

The firm bought the former Arlington Heights Daily Herald building at 155 West Algonquin Road for $2.8 million in 2019. It will be replaced with a medical office. It’s unclear how a $39 million loan taken out by previous owners Paddock Publishing factored into the sale of the property.

At the firm’s nearby 135 East Algonquin Road, work is underway for a 300-unit apartment complex with 25,000 square feet of ground floor retail. Bradford Allen bought that site for $1.2 million in 2020. 

Sign Up for the undefined Newsletter

The properties’ proximity to O’Hare International Airport is just one selling point for the firm. 

“There’s high population density and a strong demand for modern rental housing,” Brian Carley, senior managing director at Bradford Allen, said when initial plans for the development were submitted to village officials. 

It is unclear how the Guitar Center site will be redeveloped specifically, but demolition has already begun at properties nearby. 

Bradford Allen is partnering with architect Moceri+Roszak on the apartment complex, which will consist of a mix of 68 studios, 143 one-bedrooms, 79 two-bedrooms and 10 three-bedrooms. 

The eight-story complex is expected to include 17,500 square feet of amenities. They will include a pool and spa, fitness area, media rooms, business center, library, conference rooms, golf simulator, dog walk, grill stations and a pickleball court.

Approximately 30 of the units will be set aside as affordable housing, according to the firm’s website. 

Read more

Companies and People
Bradford AllenGuitar Center
Tags
Master Planned CommunitySuburban Chicago