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Hines Poised to Pay Nearly $100M for Bradley Business Center
Hines is under contract to pay almost $100 million for the Bradley Business Center industrial and office campus on Chicago’s North Side, Crain’s Chicago Business reported. The owner-developer is buying the four-building, 23-acre site from a group that includes executives at Chicago-based Centrum Realty & Development, local developer John McLinden and Chicago real estate investors John and Rick Hansen.
The 466,871-square-foot campus, which runs along the banks of the Chicago River’s North Branch north of Addison Street, is almost 96% leased, according to a flyer from Cushman & Wakefield, which marketed the property on behalf of the sellers.
In addition to the in-place income, Hines is buying a campus whose zoning allows for as much as 1.6 million square feet of development, meaning it could drastically expand the campus. The buildings could also be used as a last-mile distribution center, Crain’s reported.
- ◦Sale/Acquisition
