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Wrightwood Buys 349,000-SF Building for $22M

CHICAGO-The facility is currently 85% leased but will lose main tenant Bodine Electric, which is moving to Iowa.

By Gina Kenny | Updated on May 28, 2008

CHICAGO-Wrightwood Capital, based here, is buying a 349,000-sf manufacturing and distribution building at 2500 W. Bradley Pl., here. The sales price was approximately $22 million, sources say. The seller is Amin Amdani, who used to own Alstyle Apparel, one of the tenants in the building, says Tim Walsh, senior director of industrial fund management for Wrightwood Capital. The cap rate for the sale was approximately 9%, Walsh tells GlobeSt.com.

The building was constructed in multiple phases beginning in 1958 and has about 66,000 sf of office space. The building is currently 85% leased, Walsh says. Tenants include Bodine Electric, Alstyle Apparel, Heltzer and the city of Chicago. However, Bodine plans to relocate its manufacturing to Iowa and may reduce the amount of space it leases from 130,000 sf to about 40,000 sf, Walsh says. The asking lease rate is $5 per sf, net. Ronan Remandaban, with Lee and Associates, will lease the building.

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