Search
 

30% Share of Goose Island on Market

CHICAGO-The investment services group of Grubb & Ellis hopes to find a buyer before the holidays for Heartland Partners LP's 30% stake in the 266,000-sf Goose Island Industrial Park, which is fully leased.

By Mark Ruda | Updated on August 28, 2001

CHICAGO-Heartland Partners LP has put its 30% stake in the Goose Island Industrial Park on the Near North Side for more than $6 million. The REIT has hired Grubb & Ellis senior vice presidents Chris Hill, Stephen Holmes and Pat Sullivan to market its stake in the 266,000-sf property at 870 and 1030 W. Division St.

Although some red flags have been raised lately about the strength of the local industrial market, Holmes estimates a 60-day marketing period will be necessary to sell Heartland’s 30% share after Grubb & Ellis completes its initial underwriting process, which is expected to take about two weeks.

“I think it’s very true, that we have some softness in the industrial market, as well as other sectors,” Holmes tells GlobeSt.com. “But I would say this is a superior location. There will be demand.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.