1120-1140 Ellis Street

Bank relationship and ability to close quickly on a note purchase creates opportunity to acquire new, functional construction in a prime O’Hare location.

1120-1140 Ellis Street is a 205,540 SF class A property located one mile west of the O’Hare International Airport in the heart of the O’Hare submarket. The building features 30-foot clear ceiling heights and 120-foot truck courts with 50 loading docks. Built as a speculative development in 2008, the building was transferred through a deed-in-lieu of foreclosure to a major bank in November 2009. We acquired the fee interest of the vacant building shortly thereafter.

A lender with whom we had a long-term relationship approached us on an exclusive basis about purchasing the note they held on 1120-1140 Ellis Street. Our ability to quickly transact on the purchase of the note kept the owner from putting the property on the market once they had obtained the title from the original borrowers. Through an expedited negotiation and due diligence process, we satisfied the bank’s objectives for a quick and certain closing.

We leased the buildings to three tenants after making additional improvements to the property.