Chicago & Midwest + North Side + Industrial | March 26, 2021

Mars Wrigley will build a new innovation center on Chicago's Goose Island, with construction slated for completion in 2023

Prologis Snags Goose Island Warehouse for Reported $100M

In Chicago’s biggest commercial property sale so far this year, Prologis earlier this month paid nearly $100 million for a fully-leased 339,000-square-foot warehouse and office building at 930 W. Evergreen Ave. on Goose Island, Crain’s Chicago Business reported. Cushman & Wakefield brokered the deal.

Crain’s reported that the sale completed a lucrative cash-out for a joint venture of Greenfield Partners and Related Fund Management, which bought the property from candy maker Mars for $73 million in July 2019. It belied the current state of the commercial property sales market, still hampered by COVID-19 and demonstrated the premium investors will pay for well-located industrial.

The JV partners helped boost the value of the Goose Island property by signing up as a long-term anchor tenant, according to Crain’s. They formed e-commerce fulfillment company Quiet Logistics in 2019 and inked a 10-year lease for 173,000 square feet of warehouse and office space.

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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).