Mayor Richard M. Daley
City of Chicago
THE CHALLENGE:
Maximize value for Centrum Properties & Angelo Gordon, investors who purchased a 367,000 square foot manufacturing building in Chicago Illinois, which was 67% vacant, with a parking area to be developed.
THE SOLUTION:
Kevin Tobin created an aggressive twenty-four month marketing plan for the “Centrum Technology Campus”. Tremendous interest was generated locally and nationally. The technology real estate market collapsed March 31, 2000. The marketing effort was refocused to “traditional industrial users,” ultimately culminating in a sale to Alstyle Apparel & Activewear.
“The sale of 2500 W. Bradley Place was an enormously difficult transaction involving very complex purchase agreement and incentive negotiations with the City of Chicago, State of Illinois for federal, state, Cook County tax and other incentives. In a large part, due to Kevin’s leadership and determination, all parties, Centrum Properties and Angelo Gordon as seller, Alstyle Apparel the buyer, Alstyle’s employees and the City of Chicago came away winners. This been our experience doing business with Kevin, everybody walks away a winner. “
Arthur Slaven
Principal Centrum Properties
“Chalk up another victory for the community”
Alderman Gene Schulter
City of Chicago