Chicago & Midwest + Downtown + Retail | December 7, 2020

Greenstone Closes Sale of Tesla Center in River West

Greenstone Partners closed the sale of a 9,089-square-foot property net-leased to Tesla Motors in downtown Chicago’s River West neighborhood. The asset sold for $4,557,000.

Managing partner Jason St. John and Greenstone partners Danny Spitz and Greg Dietz marketed the property on behalf of the seller, a private partnership. Greenstone procured multiple offers from investors located both in Chicago and internationally.

Located at 1053 W. Grand Ave., this was Tesla’s first Chicago location dating back to 2013. The carmaker recently extended its lease term.

This location accommodates both sales and service for Tesla situated in a clearspan barrel-truss building and includes an adjacent parking lot, totaling 15,385 square feet of land. The property offers cash flow from a credit tenant along with the future upside to vertically develop the land in a fast-growing neighborhood adjacent to Fulton Market, according to Greenstone.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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