NAI Hiffman‘s Industrial Capital Markets team brokered the sale of Chase Street Industrial Center, a two-building manufacturing complex totaling more than 1.088 million square feet at 700 Chase St. in Gary, Indiana.
Currently occupied by four tenants, the property is located on about 98 acres.
NAI Hiffman’s Patrick J. Sullivan, executive vice president; Ryan Chambers, vice president; and Chris Gary, executive vice president, represented the seller, Chicago-based RJB & Company. The buyer was Cannon Commercial Inc., headquartered in Los Angeles.
Chase Street Industrial Center consists of two mission-critical facilities: a heavy manufacturing and warehouse property totaling 1,008,834 square feet that is occupied by three tenants and an 80,000-square-foot facility occupied by a single tenant. In all, the property is almost fully occupied and has a weighted average remaining lease term of 8.2 years.
Direct rail service via the Indiana Harbor Belt Railroad is available with 4 miles of rail on-site and capacity to hold 275 rail cars.
The property is located near the Illinois/Indiana border in Northwest Indiana, just 2 miles south of the mills that produce 27% of the nation’s steel. The property offers immediate access to Interstates 90 and 94 and is less than 4 miles from the Gary/Chicago International Airport.
