TradeLane Properties, through its Chicago-focused, value-add industrial platform, TradeLane Properties Fund I, has acquired 325 N. Ashland Avenue in Chicago, located in the Kinzie Industrial Corridor in the West Loop. This acquisition represents the sixth building that TradeLane has acquired in 2020.
This stand-alone, two-story concrete loft warehouse totals 80,000 square feet and includes an additional 45-spot surface parking lot. As part of its investment strategy, TradeLane Properties will redevelop the facility to include a new window system, LED lighting, roof replacement, remodeled interior office and warehouse updates.
The building features six shared interior docks, a 12,000-pound freight elevator and 1,600 amps of power. Tradelane is marketing the property as suitable for light manufacturing, showroom/warehouse, data center, last mile distribution, life sciences or healthcare services and inventory.
Tom Condon, SIOR and Sean Austin of Lee & Associates of Illinois brokered the deal on behalf of Tradelande. Wintrust Commercial Bank and Greenberg Traurig LLP were also instrumental in closing the transaction.
