(To read more on the industrial market, click here.)
CHICAGO-In a consolidation move, Adjustable Clamp Co. sold three industrial properties along the Kinzie Corridor. The sale was valued at approximately $4 million. Adjustable Clamp has relocated to a nearby property.
Daniel J. Hyman and Greg Block of Millennium Properties negotiated the sale. Two other properties in the company's portfolio have been listed for sale as well. "The fourth property is close to being sold," Hyman, the firm's president, explains to GlobeSt.com. "This package generated a lot of interest. We received multiple offers for the properties."
Block adds that all three properties are located along the Kinzie Industrial Corridor in a PMD created by the city. "Nearby several similar buildings have been sold for residential use. This has begun to cause prices in the area to increase. The price per sf between residential use and industrial have become quite similar." According to Hyman, "this will remain a very strong market. Proximity to the Loop is desirable to a host of potential users."
3B Industries LLC of Schaumburg, IL is the purchaser of 1716 W. Hubbard St. "The buyer is a service-oriented business related to the food industry," Block says. The facility, which totals 20,957 sf, had a listing price of $1.5 million
The buyer of 417 N. Ashland Ave., Ashland LLC, is a photographer, according to Block. The 15,800-sf facility traded for just under $1.2 million. The last property in this package, 404 N. Armour St. was sold to D&H Funds LLC. This is a sister company of Adjustable Clamp. The 20,000-sf property sold for just under $1.2 million as well.
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