Chicago-based ACO Commercial’s George Toscas has arranged the sale of a 2.8-acre land site located in Chicago’s West Loop on behalf of a private investor group. The property, which takes up almost an entire city block (bounded by Lake, Hoyne, Damen and Walnut) and is fully leased to Standard Equipment Company, sold to Realterm Logistics for $14.8 million in an all-cash deal.
“This was a tremendous opportunity to be in a high-demand area,” said Toscas, ACO’s founder and principal. “Not only are large parcels such as this hard to come by, but the access the site provides to the city proper and supply chain and distribution infrastructure via multiple interstates is unparalleled.”
The property, assembled over several decades by the private ownership group, is adjacent to the $72.9 million CTA Green Line El Station currently under construction. It features four brick buildings totaling 43,828 square feet and a large lot used for truck and trailer parking. It has served as Standard Equipment’s headquarters since 1986. The nationally recognized providers of environmental equipment solutions for companies and municipalities will relocate its operations to Elmhurst, Illinois first quarter 2020.
Realterm Logistics is an owner and manager of high flow-through logistics serving the transportation industry. This is their second property in the Chicagoland area.