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| 5115 S. Millard Avenue is a 42,000-square-foot modern freezer building in Chicago’s Brighton Park neighborhood |
OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real
estate services firm in the Midwest, announced it brokered the $7.5 million
sale of 5115 S. Millard Ave., a 42,000-square-foot modern freezer building in
Chicago’s Brighton Park neighborhood, less than 10 miles from downtown.
NAI Hiffman also announced the completion of a
six-year lease with the sole tenant, Moesle Meat Co., a Chicago meat
wholesaler.
John Basile, senior vice
president of NAI Hiffman’s Industrial Property Group, represented the buyer,
Chicago-based Karis Cold Storage.
Karis Cold Storage is a newly launched private
investment and development company with deep expertise in the cold storage
industry.
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| John Basile |
“Cold storage buildings are hot right now because the pandemic is
driving more online food and grocery sales, increasing the need to keep
inventory close at hand,” said Basile, who specializes in cold storage assets.
“Consumers were demanding more healthy, fresh
foods even before the pandemic.
"Despite the fact that cold storage properties are complex and require special due diligence, they’re increasingly popular with investors of all sizes who are seeking yield and a smart place to put their capital now.”
"Despite the fact that cold storage properties are complex and require special due diligence, they’re increasingly popular with investors of all sizes who are seeking yield and a smart place to put their capital now.”
Basile said he has had more inquiries about cold storage
properties since the pandemic began, particularly those in the city. He
completed two other deals near 5115 S. Millard Ave. this spring: 5251 S.
Millard Ave., a 67,000-square-foot refrigerated facility sold to an investor
for $3.4 million in April, and 900 W. 40th St., a
50,000-square-foot temperature-controlled facility leased in May to a
multi-national food manufacturer.
“Newer, Class A cold storage facilities like 5115 S. Millard are
the types of assets we are looking to build and buy,” said Jake Finley, managing
partner at Karis Cold Storage.
“Food
companies and logistics businesses are looking for top-tier facilities to help
them efficiently serve customers, and we want to provide them with those types
of buildings.
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| Jake Finley |
“We were attracted to this property’s plug-and-play new condition
and proximity to downtown, a major labor base and transportation hubs, as well
as Chicago’s strength as the top food-producing city in North America,” Finley
continued.
“With
John’s help, we’ve been able to enter this market with confidence and look
forward to acquiring similar properties in Chicago and other cities.”
Built in 2016, 5115 S. Millard Ave. provides approximately 42,000
square feet of storage including a 2,840-square-foot USDA-approved processing
room. The building can store 3,700 pallets. It offers easy access to I-55, is
less than three miles from Midway International Airport and is located near the
Kedzie and Pulaski Orange Line stations.
For more
information and cold storage investment parameters, please contact Jake Finley (jake@kariscapital.com) or Michael Smith (msmith@kariscold.com).
CONTACTS:
Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513
Gretchen
Muller, gmuller@taylorjohnson.com, (312) 267-4511
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