An affiliate of KTR Capital Partners has closed on the acquisition of a 455,000-square-foot distribution building located at 2407-2457 W. North Ave. in Melrose Park.
The facility is situated on approximately 20 acres in the I-290 North industrial submarket and has direct frontage on North Avenue. Built in 2003, the Class A facility features 30-foot clear ceiling height, 33 dock high loading positions and five drive-in doors. The facility is currently 84 percent leased to two tenants.
“This was a great opportunity to acquire a highly functional modern building well below replacement cost. Through a repositioning of the existing vacancy we will be able to aggressively compete for tenants in an infill market where modern, 30-foot clear product is in short supply,” said Ryan Stoller, vice president of investments at KTR.
