Excerpted from the Opus North website at : http://www.opuscorp.com/asp/Page13.asp#Zenith
TO REDEVELOP SITE
CHICAGO, IL ---
MARCH 2002 -
Zenith Electronics Corporation has completed the sale of its former color picture tube plant in Melrose Park,Illinois.
Insignia/ESG represented the company in the disposition of the 930,000-square-foot facility located at 2407 West North Ave. to Opus North Corporation.
"This property represented an excellent redevelopment opportunity for us," said Dave Riefe, vice president, real estate for Opus. "There is a tremendous need for newly constructed facilities in the area. Having had great success with the redevelopment of Melrose Business Center I, we're excited about the potential of this new project."
Opus North Corporation will redevelop the former Rauland Tube facility, one of the largest manufacturing plants in the Zenith portfolio. Plans call for the demolition of the 930,000-square-foot structure located on 21.5 acres of land at the northeast corner of North Avenue and 25th Avenue in order to make room for a 450,000-square-foot state-of-the-art warehouse/distribution facility featuring 30' clear heights, ESFR fire protection system, rail service and ample truck and trailer parking.
Demolition of the existing structure is scheduled to commence in April, with new building construction commencing in July 2002. Opus has retained Insignia ESG's Bill Frain and John Suerth to market the new development.
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