CHICAGO—Affordable Moving Co. has just bought 4500 West Armitage Ave. a 377,738-square-foot warehouse facility in Chicago. Magid Glove and Safety was the seller, and as reported in GlobeSt.com, recently purchased a 703,973-square-foot industrial building in suburban Romeoville where it will consolidate its manufacturing, headquarters and distribution operations from several locations.
Magid was represented in the negotiations by Cushman & Wakefield's Chicago-based team of Brad Weiner, Larry Goldwasser and Colin Green. Affordable was represented by Weiner, along with Mitch Adams of CBRE.
The acquisition marks a change of venue for Affordable, a provider of residential and commercial moving and storage services for nearly 30 years. “The company is currently headquartered a few miles away, and will relocate and consolidate its headquarters, storage and warehousing operations to 4500 West Armitage,” said Weiner in a prepared statement. He was not available for further comment by press time. “Its business is expanding, and this new, larger location was ideal to accommodate that growth.”
4500 West Armitage was recognized as the “warehouse of the year” by Modern Materials Handling magazine, and occupies six acres northwest of downtown Chicago, near the I-90 expressway and I-290. The property features include a 30,000-square-foot office, secured parking for more than 150 cars, and 12-foot to 32-foot clear ceiling heights. The property also generates $5,375 in monthly income from on-site cell towers.
The sale comes at a time when the Chicago industrial market continues to show improvement. Metro area industrial year-to-date leasing activity totaled 16-million-square-feet at the end of the second quarter 2014. Overall vacancy improved for the 14th consecutive quarter, measuring just 7.0% at mid-year, a decline of 0.9 percentage points over the previous quarter, according to Cushman & Wakefield research.
“For-sale properties continue to attract considerable interest here,” said Weiner. “Overall, we expect the health of this industrial market to continue to improve in the coming quarters.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
