MPI Sells 2 Infill Industrial Buildings on Chicago’s North Side
Millennium Properties R/E, serving as the exclusive advisor to the lender, recently completed the sale of two infill industrial properties totaling 177,707 square feet. 3029 and 3057 N. Rockwell were sold as a portfolio to a property management and development company.
3029 N. Rockwell is a one and part-two story multi-tenant warehouse that is 70% occupied, generating approximately $120,000 in gross income. A vacant building, 3057 N. Rockwell has 152,000 square feet of warehouse and office space, featuring eight dock doors and two freight elevators. Both properties are located within the Addison Industrial Corridor just south of Belmont and Rockwell.
“These properties were a great opportunity for an investor looking for a redevelopment opportunity with income in-place as well as proximity to the Kennedy, Western and Elston,” said Daniel J. Hyman, president of Millennium Properties. “Infill locations on the north side of the city remain popular investments with users and investors alike due to their proximity to the highway network and a substantial customer base.”
“The new owners will most likely renovate the space at 3057, making the irregular and highly divided building more functional – possibly by converting it into a multi-tenant property or a self-storage facility,” added Greg Block, executive vice president of Millennium Properties.
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