Molto Properties has acquired 7720 Lehigh Avenue in Niles, IL from MFRI, Inc.
The facility was originally built in 1954 on an 8 acre land site.
Molto plans to redevelop the existing site into a 136,650 square foot class A distribution center featuring a 32′ ceiling height, 150 car parking spaces and 20 dock doors.
“This acquisition continues to build onto our strategy of finding great infill location sites that can be redeveloped to meet the needs of today’s users and the location provides excellent access to major north-south highway corridors (I-94 & I-294) as well as close proximity to the city of Chicago” says Todd Naccarato, Founder and Senior Principal of Molto Properties.
Mike Powers, Principal of Molto Properties states: “We are very excited about this new speculative development opportunity and have hired Steve Stone of Transwestern and Joel Friedland of Brit Properties to begin marketing the new building.”
Molto plans to complete the new distribution center in the fourth quarter of this year.