Prologis has acquired 455 N. Ashland Avenue from Peppercorn Capital for $12 million. Peppercorn owner and CEO, Phil Denny—a private investor focused solely on Chicago’s West Loop and Fulton Market—purchased the asset in 2017
“Given the enthusiasm surrounding last‐mile distribution, the pandemic did not impair our ability to find an interested buyer,” said Denny. “Surprisingly, activity has been relatively good during the pandemic. I’m looking forward to executing my acquisition plan in the coming months and years.”
The property is a 70,000-square-foot, single‐story, precast concrete warehouse with 22-foot ceiling heights and five commercial docking systems originally built by Pony Clamp/Jorgensen Clamp Company. Over the past three years, the asset has enjoyed a steady demand from movie production companies, production equipment companies and a few large experiential events such as 29 Rooms.