X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.