Avison Young negotiated a 43,000-square-foot industrial building sale in Chicago’s rapidly developing West Side submarket. The facility, one of the original Alberto Culver manufacturing plants, is located at 4201-4223 Grand Avenue.
Avison Young principal, Steve Kohn, was the sole broker in the transaction. The buyer was a local commercial and residential construction company that will use the facility as a consolidating office, warehouse and yard space for multiple site locations. The seller was a private ownership group of a 50-year-old manufacturing operation. The company will be relocating to another facility in the area.
“Despite the age of the property and some deferred maintenance, the limited supply of industrial infill buildings in Chicago made this an attractive opportunity for the buyer,” said Kohn. “This was a unique chance to own a big chunk of Grand Avenue in the path of explosive growth and redevelopment as points east have gentrified.”
4201-4223 Grand Avenue includes more than 5,000 square feet of office space and three truck doors with ample room for full 53-foot tractor trailers to dock without blocking traffic, which is very unusual for infill locations. The Humboldt Park property also includes 12 on-site parking spaces and boasts more than 300 feet of Grand Avenue frontage. There are multiple natural divisions of the property which will lend itself to be divided. Heavy power is well distributed throughout the building, which will be required as manufacturing is re-shored after the COVID-19 pandemic subsides. Public transportation services this area from all directions.
