Chicago’s Brit Properties Acquires Trio of North Side Industrial Assets

Brit Properties, a Chicago-based industrial real estate firm, completed the acquisition of a three-building industrial asset totaling 82,000 square feet. The five-acre site was acquired for $13 million from an unnamed family that’s owned it for 30 years. Hansen Realty’s Nick Stellas represented the buyer, and the firm’s Michael Milstead represented the seller.

Union National Bank of Elgin provided debt amounting to a 30 percent loan-to-value ratio. Brit’s syndication strategy is to utilize little or no debt. The site is on the east bank of the Chicago River, in an area of growth with potential value for redevelopment. The buildings are located at 2425 W. Barry, 3150 N. Campbell, and 3106 N. Campbell.

Brit co-founder Joel Friedland, said, “This prime riverfront property was even more attractive because the acquired facilities are fully occupied under long-term commitments by Tampico Beverages and Beverage Flavors International, two creditworthy producers of fruit juice concentrates that are sold internationally.”