CHICAGO-Wrightwood Capital, based here, is buying a 349,000-sf manufacturing and distribution building at 2500 W. Bradley Pl., here. The sales price was approximately $22 million, sources say. The seller is Amin Amdani, who used to own Alstyle Apparel, one of the tenants in the building, says Tim Walsh, senior director of industrial fund management for Wrightwood Capital. The cap rate for the sale was approximately 9%, Walsh tells GlobeSt.com.
The building was constructed in multiple phases beginning in 1958 and has about 66,000 sf of office space. The building is currently 85% leased, Walsh says. Tenants include Bodine Electric, Alstyle Apparel, Heltzer and the city of Chicago. However, Bodine plans to relocate its manufacturing to Iowa and may reduce the amount of space it leases from 130,000 sf to about 40,000 sf, Walsh says. The asking lease rate is $5 per sf, net. Ronan Remandaban, with Lee and Associates, will lease the building.
The opportunity was brought to Wrightwood by Saxony Capital and Lee and Associates, Walsh says. “It is on 20 acres of land right in the middle of the outskirts of Lincoln Park,” he says. The building was acquired for Wrightwood’s Industrial Property Fund III, which has 20 properties and an estimated value of nearly $200 million, Walsh says.