The 4900-16 Property
Built between the 1930s and 1980s, the buildings at 4900-16 N. Elston Ave. has housed many different businesses. The Lichter team purchased it in the early 2000s amidst the owner-user realizing they needed less space to run their business. MK Signs, one of the most talented sign companies in Chicago since the 1930s, sold us the property and signed a leaseback agreement to become a tenant after the sale.
The 40,000 square foot building sits on about an acre of land and is stretched along an entire linear block. This Elston Corridor location is near the I-94 expressway, which leads in and out of Chicago. It is a major thoroughfare and provides an alternative to the busy highway. Signage at the property helps to characterize it as a commercial-industrial strip center with it’s lined up lit box signs.
The property held a great opportunity for the Lichter team. Once the building was acquired, the main tenant vacated more than half of the property and we went to work demising the buildings to allow for multiple tenants and users. The spaces were built out to maximize the endless utilities in the structures – vaulted ceilings ample power, drive-in doors, modern builds, natural light and more. These utilities attracted businesses from all industries to the building, where they continue to grow and thrive.
Before long, the property morphed into a prosperous commercial-industrial strip center. Now, the property, which is still home to MK Signs, also has become home to a high-end auto dealer, an international medical company’s North American headquarters and R&D facility, and a medical supplies wholesaler. Each of these tenants created their own build-out and has added great value to the property.