Dayton Street Partners announced the acquisition of 920 West Pershing Road, an industrial “in-fill” property opportunity that represents the next strategic acquisition for Dayton Street Capital and a continuation of a market position the firm has taken for five years. Terms of the transaction were not disclosed by Dayton Street’s founder Howard Wedren.
The building at 920 West Pershing Road is an existing, 45,000-square-foot distribution facility that will be extensively modernized and repositioned. The property features 20 foot clear ceilings and seven docks. As part of the modernization, Dayton Street Capital will install an energy efficient roof, new energy efficient interior and exterior lighting, and all new components for the seven docks (doors, levelers, sealers, etc.).
“920 West Pershing is one of the last remaining well located single story buildings in the South Chicago submarket, let alone the entire City. This acquisition fits well within our strategy of acquiring well located, urban distribution facilities that require some TLC in order to become institutional quality,” Wedren said. “The city needs modern, high-quality in-fill properties to meet the demand of the marketplace, and based on our experience, we’re confident we’ll deliver a product that quickly will be absorbed into the market.”
The building is located immediately west of Halsted Street, at the gateway to the Stockyards Industrial Park. It is approximately one half mile from the 90/94 and one mile to I55, providing phenomenal access to the Chicago metropolitan area, and approximately 10 minutes from the Loop. It is one block from 815 Pershing Road, the 105,000-square-foot distribution facility Dayton Street Capital developed in 2009 and sold earlier this year.
In tandem with announcing the acquisition and modernization program, Dayton Street Partners also has announced the Larry Goldwasser and Colin Green of Cushman & Wakefield have been named the building’s exclusive leasing agents. The building will be ready for occupancy at the beginning of the first quarter.