Four-Story Building Near Future Mariano’s Changes Hands

Nearly 135,000 square feet of space will soon be available in Ravenswood at an already up-and-coming corner.

An electronics distribution company by the name of Newark sold their building at 4801 N. Ravenswood Ave., Crain’s Chicago reported.

Hayes Properties, Inc. bought the location for $6.5 million, according to county documents. ICM Properties, Inc., also owns a small part of the structure.

The four-story building will be across the street from a new Mariano’s Fresh Market and 150 residential units are currently under construction.

“We’re really excited about that project,” said Hayes property manager Debbie Andersen. “The area is up and coming and it’s really a good coincidence the Mariano’s is coming.”

Andersen envisions small businesses and start-ups in the space, but leases won’t be available anytime soon.

Newark employees will be in the building for another year and rehabbing the space will take another 2 years, she said. Hayes Properties will convert the building in to office spaces starting at 1,000 square feet.

Filling the building shouldn’t be difficult, owner Harold Hayes told Crain’s Chicago. His company owns 14 properties along Ravenswood Avenue and has turned clients away for a lack of space.

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A 65-car parking lot will also add to the building’s rentability.

Newark is looking to move its 350 employees downtown to a smaller space by the end of 2014, Crain’s reported. The move comes after more than 20 years in the Ravenswood neighborhood.

In that time, the area has transitioned from an industrial corridor to smaller businesses like Urban Pooch and O’Shaughnessy’s Public House.