Business

Molto Properties acquires Niles facility from MFRI

Posted May 11, 2016 1:00 am

Daily Herald Business Ledger Report

Molto Properties announced it has acquired 7720 Lehigh Ave. in Niles from MFRI Inc.

Terms of the acquisition were not announced.

The facility was originally built in 1954 on an 8 acre land site.

Oakbrook Terrace-based Molto plans to redevelop the existing site into a 136,650 square foot class A distribution center featuring a 32-foot 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 proximity to the city of Chicago," said Todd Naccarato, founder and senior principal of Molto Properties.

Molto Properties Principal Mike Powers said the company has 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.

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