The 100,000 square foot industrial property at 6460 W. Cortland Street in Chicago has officially sold, reports Cushman & Wakefield, the world’s largest privately held commercial real estate services firm. Larry Goldwasser, Colin Green, and Brad Weiner of C&W’s Industrial team represented the seller, CenterPoint Properties Trust, in the sale of the property to Alpina Manufacturing for an undisclosed amount.
The free-standing manufacturing building at 6460 W. Cortland Street is immediately surrounded by a mix of residential, industrial, and retail properties. Vacant since 2009, the property will soon be occupied by its new owner, Alpina Manufacturing, who plans to use the property to house their manufacturing operations. The Chicago-based picture frame manufacturing company currently has several facilities that they plan to consolidate into the newly-acquired 100,000 square foot building.
According to C&W market research, this sale aligns with current trends in the Chicago North industrial submarket, which has experienced lower vacancy rates and an increase in user and investor sales so far this year. The overall vacancy rate decreased by 0.4 of a percentage point from this time last year to measure 4.2% second quarter 2014. User sales measured 702,796 square feet sold at mid-year 2014, a 48.2% increase from the 474,142 square feet sold a year ago. Investment sales measured 135,983 square feet sold year-to-date, up from the 129,300 square feet recorded last year at this time.
Ed Lowenbaum of Lawenbaum Rep represented Alpina Manufacturing in the transaction.
