1400 N. Cicero Avenue
INDUSTRIAL | AUSTIN
INDUSTRIAL TO SELF STORAGE
In 2016 an old Chicago Company, Parts and Electric Motors filed for bankruptcy, NelsonHill was tasked with the assignment of trying to create maximum value from the sale of their property on Cicero Avenue.
The property had been neglected for many years and as a result the roof was leaking and the Property had substantial deferred maintenance. A sale for continued use industrial would need to happen at a low sale price.
Given the characteristics of the subject property, the NelsonHill team of Mike Nelson, SIOR and Mark Nelson, SIOR felt the highest and best value would be to redevelop the building for Residential Self Storage. Despite weaker demographics for this use, the property seemed to qualify based on size, traffic count and zoning. The NelsonHill team leveraged their national network of Self Storage developers and were within 30-days were able to field multiple offers for this use. They secured an offer from a group based in Florida and New York. The New York buyer presented the strongest terms, backed by a strong track record in adaptive reuse.
NelsonHill sold the property within 3-months of listing the property.