Mark Nelson and Michael Nelson of NelsonHill represented GLG while John Joyce, Ryan Phillips and Chris Ricketts of Newmark Knight Frank Epic represented the seller, J&S Produce.
GLG International acquired this rare freezer/cooler facility on Chicago's near west side to accommodate their expansion. Built in 2000, the building features 35 foot high ceilings and 12,000 SF of cooler and 2,400 SF of freezer space.
"This acquisition is a bold step for GLG who is expanding their specialty meat processing and cold storage operation out of Texas and Mexico," Mark Nelson tells GlobeSt.com. "The property offers exceptional potential with its existing infrastructure, 6B Tax Incentive, and its excellent location close to downtown Chicago."
The deal was a bank short sale of the building which had about $5 million in debt. Financing was arranged at a 3.8% fixed rate for 20 years.
"An aggressive purchase price, coupled with favorable SBA financing, were driving factors in creating maximum value for the new GLG venture," Mark Nelson says.
He adds that it has been increasingly difficult to find reasonably priced buildings in the area, with many properties being repurposed and repositioned for the marketplace.
In the West Loop Kennedy Corridor, there were 52 industrial/office deals completed in 2011, which consisted of 2,143,654 SF going at about $91.84 per SF.
NelsonHill is a privately held Chicago-based full service commercial real estate firm. Established to create maximum value for their clients in real estate, the company implements a client-driven, performance based model.
GLG is based in McAllen, TX, but was originally formed in Mexico. They supply meat to the Hispanic restaurant industry and they see opportunity in the Midwest within this fast-growing demographic.
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