Triple-Net Infill Industrial Trades in North Center

Greenstone Partners arranged the sale of 2950 N. Oakley Ave., a 42,000-square-foot urban infill industrial property in the North Side’s North Center neighborhood. Pricing wasn’t disclosed.

Triple-net-leased to Vosges Haut-Cholate, the property is positioned on 100,000 square feet of land fronting the Chicago River. “As like-kind industrial structures are razed and replaced with luxury residential, the impressively improved property benefits as demand for infill industrial outpaces vanishing supply,” according to Greenstone.

Further, the brokerage notes that Vosges’ below-market rent, coupled with an attractive land basis for 2.3 urban acres, provides several compelling options to unlock future value while providing current, in-place cash flow.

Greenstone’s marketing process garnered multiple nationwide offers. Greg Dietz and Danny Spitz of Greenstone exclusively represented the seller, a Chicago-based partnership, while the undisclosed family office buyer was procured by Greenstone’s Jason St. John.

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