Greenstone Partners successfully sold 2950 N. Oakley Avenue, a 42,000-square-foot, urban infill industrial investment. Located in Chicago’s North Center neighborhood, the property is positioned on 100,000 square feet of land fronting the Chicago River. The asset features a triple net lease with Vosges Haut-Chocolat.
Greg Dietz and Danny Spitz of Greenstone exclusively represented the seller, a Chicago-based partnership, while the family office buyer was procured by Greenstone’s Jason St. John. The firm’s exclusive marketing process garnered multiple nationwide offers.
As like-kind industrial structures are razed and replaced with luxury residential, the impressively improved property benefits as demand for infill industrial outpaces vanishing supply. Vosges’ below market rent, coupled with an attractive land basis for 2.3 urban acres, provides several compelling options to unlock future value while providing in-place cashflow today.
