Faropoint announced today the purchase of a 46,000 square foot industrial facility on 1.60 acres located at 250 Washtenaw Avenue in Chicago, IL. Sean Austin with Lee & Associates represented the Buyer and Seller in the transaction, which closed on November 23, 2021.
“250 Washtenaw is Faropoint’s first acquisition within the City of Chicago and a clear representation of our desire to be in close proximity to population. We are confident that the market fundamentals within the city limits will continue to improve as individuals look to receive deliveries in shorter periods of time,” said Jordan Kovalsky, who leads Faropoint’s Midwest operations.
“Faropoint’s acquisition of the Washtenaw site is yet another example of institutional capital targeting infill industrial assets located within the Kinzie Industrial Corridor, offering accessibility and quality of labor to both the West Loop and Chicago’s Central Business District,” said Sean Austin, Senior Vice President of Lee & Associates of Illinois.
250 Washtenaw is a single-tenant building located in the North Chicago submarket of Chicago. The building itself was constructed in 1925 and boasts 16’ clear heights. It measures approximately 46,000 square-feet and offers two (2) dock-high doors and freezer/cooler build- out.
