Chicago-based Dayton Street Partners has closed on its acquisition of a 42,000-square-foot industrial building on 1.75 acres located at 2501 West Fulton in Chicago. Formerly owner occupied, the building was 100 percent vacant at acquisition. The seller was Keystone and the sale price was $2.8 million.
“Demand for quality infill industrial space that features abundant parking and immediate access to Chicago’s neighborhoods is not abating,” said Dayton Street’s Michael Schack. “2501 West Fulton is the rare urban property that satisfies that demand.”
Constructed in the 1960s, the property features 16-foot clear ceilings, two loading docks, one drive-in door, secure parking for 50 cars and 8,000 square feet of newly built office space. Dayton Street plans to renovate the property; the program will include new LED high-bay lighting, white boxing of the warehouse and parking lot improvements.
An ideal “last-mile location” just west of Chicago’s CBD and the booming Fulton Market, Dayton Street expects to draw interest from a variety of users that need to serve Chicago’s high-density urban neighborhoods. Dayton Street has been one of the most active investors and developers of industrial property in the city and in particular the Kinzie Corridor. Recent redevelopments include 2101 W. Carroll, 2137 West Walnut and 1500 West Carroll.
Scott Duerkop and Dominic Carbonari of JLL represented the seller in the transaction.