NYC Investor Bets on Chicago Industrial
- Jul 01, 2015
By Ioana Neamt, Associate Editor
A Class A industrial property in southwestern Chicago recently changed owners.
With the help of an HFF team led by director Jordan Angel, managing director Patrick Sullivan and real estate analyst Ryan Chambers, San Mateo, Ca.-based Romel Enterprises LLC sold a 128,000-square-foot cold storage facility to another out-of-state investor. New York City-based AAG Management purchased the facility at 2500 S. Damen Ave. for $33 million, free and clear of debt.
The Class A industrial facility was completed in 2003 and is currently 100 percent occupied by Preferred Freezer Services of Chicago. The one-story asset features a 22,200-square-foot loading and unloading dock, 16 dock doors with seals and levelers, private QA laboratories for on-site sampling, as well as 24-hour security. Additionally, the facility is HACCP certified and incorporates U.S.D.A. and U.S.D.C. designated inspection areas.
The property on Damen Ave. offers easy access to rail and interstate systems, including the I-55, and is roughly 21 miles away from Chicago’s O’Hare International Airport.
According to HFF’s Jordan Angel, the transaction “represents a great asset fully occupied by a best-in-class freezer storage company.”
Image courtesy of Preferred Freezer Services