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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