Interra Realty arranged the $2.58 million sale of 424 N. Wood Street, a 20,523-square-foot industrial/flex building in Chicago’s Kinzie Industrial Corridor. The buyer, Diamond Realty Holdings, plans to open up and modernize the space, similar to upgrades it has made to several nearby properties.
“The buyer is committed to the neighborhood and feels 424 N. Wood is only going to grow in value,” said director Colin O’Malley, who represented seller 424 N. Wood LLC in the deal. “The property is minutes to downtown but permits industrial use. It’s between the West Loop and Fulton Market, which is booming with new mixed-use developments, and West Town and Ukrainian Village, which also have seen substantial commercial and residential growth in recent years. Despite some delays due to COVID-19, we were able to close at a solid price that satisfied both seller and buyer.”
Built in 1930, the asset is a single-story bow-truss building with offices in the front and industrial flex space in the back. The property includes eight parking spaces. Currently occupied by a catering company, it will be vacant by December.
“This property fit in with our strategy to buy, upgrade and reposition industrial assets,” said Josh Diamond, owner of Diamond Realty Holdings. “We remain bullish on the submarket because of the diversity of uses it allows, from traditional industrial to quasi-retail/office. For investors, that flexibility makes sense because it allows them to pivot if needed as economic conditions change.”
The property is within walking distance to the Ashland stop of the CTA’s Green and Pink lines and to the new Damen Green Line stop, which is scheduled to open in 2021.
