Dayton Street Partners (DSP) has sold a 208,000-square-foot distribution center at 6123 Monroe Ct. in Morton Grove, IL, to Brookfield Property Group for an undisclosed price.
“This was a rare opportunity for an investor to acquire a stabilized, infill distribution center,” said DSP’s Founder and Managing Principal Howard Wedren.
An ideal location that puts tenants near critical supply chain infrastructure, local expressways and a talented labor pool, the facility boasts 28’ clear warehouse space, 17 loading docks, three drive-in doors, parking for 150 cars and 1.5 acres of trailer parking. At closing it was 100% leased to five tenants.
DSP acquired the property in 2016 and immediately embarked on a multimillion-dollar interior and exterior renovation campaign, converting the antiquated industrial facility into an institutional quality distribution center. The Chicago based owner/developer updated the façade, repaved the parking lots, installed a new roof and added new signage.
DSP, one of the most active investor/developers in the U.S., focuses on the acquisition and development of high barrier to entry infill industrial and logistics related real estate.
CBRE’s Michael Caprile, Zach Graham and Ryan Bain represented Dayton Street in the transaction.
