May saw a slowdown in top-dollar industrial sales after the market’s investment activity had picked up in a big way in April.
The top five priciest industrial sales of May saw a combined $57 million investment in the local warehouse market. That’s a sharp drop from the month prior, when the top sale sales totaled $160 million. Still, May’s activity is up from earlier months like March, which saw only $24 million spent on the biggest industrial deals.
The biggest deal May was Angelo Gordon’s $26 million purchase of a 19-acre warehouse development on the city’s Southwest Side. Another Southwest Side deal made the list, with Venture One Real Estate paying $7.3 million for an industrial facility in Back of the Yards.
Chicago still has one of the hottest industrial markets in the country, despite the possibility of new taxes and some chatter of overbuilding. Growing e-commerce, and the newly legalized recreational marijuana industry, are likely to keep the industrial market surging for the foreseeable future.
All transaction information in this list comes from Cook County property records.
1. 3200 South Kilbourn Avenue | $26.3 million
New York-based Angelo Gordon & Co. paid $26.3 million for this 402,000-square-foot warehouse facility on the border of Chicago and Cicero. The property includes two factories operated by the Bway Corporation. Selling the site was Oak Brook-based CenterPoint Properties, which bought the facility in 2007 for $12 million.
2. 17201 State Street, South Holland | $8.6 million
Burr Ridge-based Miodrag Real Estate paid $8.6 million for this warehouse in the south suburbs. Selling the property was C.R. England Trucking Company, property records show. The facility includes over 42,000 square feet of refrigerated and cold storage, according to Loopnet.
3. 1910 Carboy Road, Mount Prospect | $7.8 million
Brennan Investment Group of Rosemont picked up this manufacturing plant for $7.8 million. Selling the facility was Glen Une Management, a California-based real estate investment company. The property, built in 1988, includes 81,000 square feet of industrial space and is leased by control panel manufacturer K&B Controls.
4. 4000 South Racine Avenue | $7.3 million
Rosemont-based Venture One Real Estate paid $7.3 million for this vacant building in the Stockyards Industrial Park. The facility includes 140,000 square feet of warehouse space and 3,200 square feet of office space. Selling the property were investors Karyn Liss, Bruce Saltzberg and Terry Saltzberg.
5. 901 Chase Avenue, Elk Grove Village | $7.3 million
Duke Realty of Indianapolis picked up this manufacturing site in one of the hottest industrial submarkets in the area for $7.3 million. Selling the property was the family of Cyrus Tang, local industrialist and founder of Tang Industries. The warehouse is leased by ADC Diecasting, which announced in April it was liquidating.Recommend0 recommendationsPublished in