CRE Midwest

Landstar Realty sells fully occupied industrial property for $1.6M

Transwestern represented Landstar Realty in the disposition of an 82,000-square-foot, multi-tenant industrial property at 2649 N. Kildare Ave. in Chicago, Illinois.

Transwestern represented Landstar Realty in the disposition of an 82,000-square-foot, multi-tenant industrial property at 2649 N. Kildare Ave. in Chicago, Illinois. ZWL Properties, a private investor, acquired the property for $1.6 million. Transwestern Senior Director Adam Schneiderman represented national real estate developer and owner, Landstar Realty, in the sale.

“This property offered an economical advantage where ZWL can move its construction business into a small section of the property while earning a favorable return on the rest of the building once improvements are completed,” Schneiderman said. “ZWL will be able to take advantage of the below market rents and vacancy at the building to renegotiate the leases and fill up the property will longer term tenants once the property is rehabbed.”

The industrial property is located in the city’s Belmont Gardens neighborhood and is currently fully occupied with five tenants. It features a 20,000-square-foot, two-story office space; 12- and 16-foot clear ceiling heights; parking for 60 cars; four interior docks; and four drive-in doors. ZWL Properties has plans to occupy one of the suites.

In a separate transaction, Schneiderman negotiated the disposition of 2635 N. Kildare Ave. to J&C Engineering for $600,000. The 28,000-square-foot property is adjacent to the property acquired by ZWL. Schneiderman again represented the seller, a family-owned business, in the transaction.