Northwest Chicago continues to pull in investors

Chicago, IL– Avison Young today announced that it has negotiated the sale of 44,000 square-feet of industrial space on behalf of the undisclosed seller at 3843-3847 Lake Street in Chicago, IL.

Avison Young’s Steven Kohn SIOR, Principal based in the firm’s Chicago Suburban office, represented the undisclosed seller. The undisclosed local investor was represented by Ari Topper of Baum Realty.

The new buyer will be using the facility for their construction division, retaining one of the construction tenants and offering more than 10,000 (sf) for lease in the market. The renovation of the facility is on going.

“The building was a perfect fit for the seller for almost 20 years with numerous tenants. It was used for storage, a construction firm, masonry firm and a car repair shop, but the seller no longer needs the space,” Kohn said. “However, the same facility will be beneficial for the new buyer because of the access to I-290 and will provide options for tenants that have been displaced from the Fulton Market.”

By disposing of 3843-3847 Lake Street, the seller will be able to focus on their growing business without the time and expense of owning multi-tenant real estate, and the buyer adds to their portfolio in the submarket. They currently own 3 buildings within 1 mile of their new acquistion. 

This is the 7th transaction Avison Young has worked with the seller on, and Avison Young is also involved in one other disposition that is under contract and should close in 60 days.