NAI Hiffman Brokers Sale of 225,000 SF Refrigerated Warehouse and Business in Chicago’s Back of the Yards Neighborhood

 

 Chicago Stockyards Industrial Park,  
a collection of approximately
100 businesses – warehouses,
manufacturing plants and
offices –built on the city's
former Stockyards property. 

OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real estate services firm in the Midwest, has brokered the off-market sale of 1556 W. 43rd St., a 225,000-square-foot refrigerated warehouse in Chicago’s Back of the Yards neighborhood, as well as the business occupying the facility, Ashland Cold Storage, on behalf of both the seller and buyer Karis Cold.

John Basile

Karis Cold has engaged Artico Cold Storage to assume the facility’s operations. Financial details of the deal were not disclosed.

 John Basile, executive vice president with NAI Hiffman's Industrial Brokerage Group, represented the seller and Karis Cold along with Jay Maher, senior vice president at Nelson Hill.

 

 Karis Cold is a private-equity-backed real estate company focused exclusively on serving the real estate needs of the cold storage industry, acquiring, developing, managing and investing in cold storage facilities nationwide.

Jay Maher

"The owners of 1556 W. 43rd St. asked us to bring in a confidential offer for their refrigerated warehouse. What made the sale highly unconventional is they also wanted us to bring in someone to take over the existing business,” said Basile, who also brokered Karis Cold’s first cold storage acquisition, 5115 S. Millard Ave. in Chicago.

Ashland Cold Storage, 1556 West 43rd Street,
 a 225,000-SF refrigerated warehouse
 in Chicago’s Back of the Yards district

 “We knew that this would be a very complicated transaction and would be too unusual for most institutional investors.

 

"However, having completed previous transactions with Karis Cold in this sector, it was our first call. As a result, Karis Cold was able to get its arms around the issues and provide a solution that made sense for everyone."

 

“The asset's location right outside of downtown is ideal for both food processors in the stockyards and food distributors needing immediate access to the largest concentration of restaurants in the Midwest,” added Maher.

 

The property is situated in the heart of the Chicago Stockyards Industrial Park, Chicago's long-time epicenter for the region's food processors and distributors.

 

The park is a collection of approximately 100 businesses – warehouses, manufacturing plants and offices – built on the city's former Stockyards property. The Stockyards are bounded by Pershing Road, Halsted Avenue, West 47^th Street, and Ashland Avenue.

 

"The current demand for refrigerated warehouses in premier locations is insatiable," said Basile. "As a result, what used to be a niche sector is now being sought by all the major players.

 

Karis Cold Storage, 5115 South Millard Avenue,Chicago IL

"In such a crowded landscape, companies like Karis Cold are able to find extra value by pursuing complicated, off-market opportunities that take a little more time to understand."

 

In all, 1556 W. 43rd St. has 6 million cubic feet of space, 22 truck docks and access to rail service.

 

Services include blast freezing, government certification, import/export services and more. It is located less than 10 miles from downtown Chicago and is minutes to I-55, 1-57 and other major interstates.

 CONTACTS:

Patty Cronin, pcronin@taylorjohnson.com

 (312) 440-3001

Heidi Kushner, hkushner@hiffman.com

 (630) 317-0713

hiffman.com.

 

Harlem mixed-use building, home to the Corner Social Bar & Restaurant, sells for $14 million

 

Corner Social Bar & Restaurant,
321 Lenox Avenue, Harlem, NYC

NEW YORK, NY– JLL Capital Markets has announced the $14.33 million sale of 321 Lenox Ave., a six-story, mixed-use multi-housing and retail building that is home to the Corner Social Bar & Restaurant, one of the most popular watering holes in New York City’s Harlem neighborhood.

Hall Oster

JLL arranged the sale on behalf of the seller, Delshah Capital LLC. The buyer was OSTB 321 Lenox Avenue, LLC.

 Originally built in 1910, 321 Lenox Ave., also known as 101 West 126^th St., features 32 residential units and one commercial unit.

 It is situated on the corner of Lenox Avenue and West 126^th Street within an Opportunity Zone. Following a substantial rehabilitation in 1986, all of the apartments were fully deregulated and are currently on fair market leases.

 The property is steps from Harlem’s bustling West 125th Street corridor and the 2/3 express subway station in an area renowned for its culinary offerings and historic architecture.

Paul Smadbeck

An influx of large-scale development has transformed the area into a 24/7 hub for residents, professionals and tourists alike.

 The JLL Capital Markets team that completed the transaction included Managing Directors Hall Oster and Paul Smadbeck; Vice Presidents Teddy Galligan and Conrad Martin; and Associate Braedon Gait.

 “The housing market surrounding 321 Lenox Ave. is positioned for a significant increase in demand as the city continues its post pandemic recovery,” Oster said.

Teddy Galligan

“Interest will be driven by tenants seeking the convenience the 2/3 express subway station and drawn by the energy of Harlem’s 125th Street and Lenox Avenue retail corridors.”

“The adjacent retail corridors have proven their resilience throughout the pandemic, and an influx of new, post-pandemic retail tenancies, including both Target and Trader Joe’s, illustrates the high level of confidence that corporate retailers have in the area’s future as a thriving retail destination,” added Galligan.

 Conrad Martin

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 For more news, videos and research resources on JLL, please visit our newsroom.

 About JLL

Braedon Gait.

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

 CONTACTS:

Jenna Sharp

JLL

M +1 214 394 3356

 

 

 George Shea, Linda O’Flanagan

Company: Shea Communications

Phone: +1 760 519 4596

Email: Linda@sheacommunications.com