Jeffrey Bernstein & Laurence Elbaum Acquire 6.5 Acre Mixed-Use Property In Arlington Heights For $5.55M

A 6.5-acre mixed-use asset located at 2123 South Arlington Heights Road in Arlington Heights has been sold for $5,550,000. The property features a 24,000 square foot building, translating to a price per square foot of $231. The seller, Northwest Suburban High School District 214, opted to sell the property to address significant renovation needs within its schools.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $5,550,000
• Seller: Northwest Suburban High School District 214
• Buyer: Jeffrey Bernstein & Laurence Elbaum - Bradford Allen
• Address: 2123 South Arlington Heights Road
• Market: Arlington Heights
• Acres: 6.5
• Square Footage: 24,000
• Price per Square Foot: $231

Jeffrey Bernstein and Laurence Elbaum, representing Bradford Allen, completed the transaction following a 5-2 vote by the school district board, reaching the two-thirds majority necessary for the sale. The district acquired the site in 2022 for $5.35 million and housed office operations temporarily in the building prior to this sale, which aligns with Bradford Allen's plans for redevelopment in the area, including a supported apartment project with $17.8 million in TIF incentives.