Lee Illinois Closes Final Sale at Former Alberto Culver Complex
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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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