Greenstone Partners negotiated the $18 million sale of the WiFi Tech Center, a multi-tenant flex industrial property totaling 183,000 square feet at 3501 W. Howard in Skokie, Illinois.
The acquisition represents a rare opportunity to acquire a highly coveted property type in Chicago’s North Shore with high barriers of entry.
Greenstone Partners’ Managing Partner, Danny Spitz, represented both the seller, a local private investor, and the California-based private investor.
The property is situated 11 miles north of Chicago’s Central Loop in a prime and infill industrial corridor that includes excellent access to Chicago and the surrounding affluent northern suburbs. The historical occupancy for the portfolio has averaged ±95% over the past 20 years. The mix of tenants within the property is broad and diversified between national and local companies with the typical tenant space ranging from 3,000 to 15,000 square feet.
