CRE Midwest

Colliers International completes sale of 9-acre former Klein Tools site for new mixed-use project

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Jack Rosenberg, principal and Frederick Regnery, principal, both with Colliers International | Chicago’s Industrial Advisory Group, represented Klein Tools in the sale of a prime nine-acre land parcel at 7200 N. McCormick Boulevard in Skokie.

Jack Rosenberg, principal and Frederick Regnery, principal, both with Colliers International | Chicago’s Industrial Advisory Group, represented Klein Tools in the sale of a prime nine-acre land parcel at 7200 N. McCormick Boulevard  in Skokie.

Centrum Properties closed on its purchase on Dec. 20, 2013. Since 1857 Klein Tools, a family-owned and operated company, has been designing, developing and manufacturing professional-grade hand tools. Headquartered in Lincolnshire, the majority of Klein tools are manufactured in seven plants throughout the United States.

The nine-acre parcel at the northwest corner of Touhy Avenue and McCormick Boulevard housed an industrial/manufacturing building that served as Klein Tools’ headquarters for decades prior to its construction of a new build-to-suit facility in Lincolnshire.  Klein Tools continued to utilize the property for manufacturing until mid-2013.

Centrum Properties is planning a 75,000-square-foot Mariano’s Fresh Market grocery store on the site, which is located across from the Lincolnwood Town Center. Other plans for the site include a Longhorn Steakhouse, a bank and other retail facilities. Site work has begun, including the demolishing of the existing industrial facility.

This same Colliers team recently completed the sale of the 20-acre Avon site at Golf and Waukegan roads in Glenview for a $30 million retail/residential redevelopment called Glen Gate Shopping Center.  Regency Centers and Focus Development are constructing a 75,000-square-foot Mariano’s Fresh Market grocery store, 24,000 square feet of additional retail and a 238-unit high-end apartment complex with occupancy expected by the spring of 2015.

“The resurgence of the economy has led to strong retail demand and older properties — particularly in more mature, dense markets such as the north suburbs — need to be recycled to make way for newer developments that serve the current population’s needs,” Rosenberg said.