Greenstone Partners announced the $16.5 million sale of the Addison and Clark buildings, two multi-tenant shallow bay industrial properties totaling 166,134 square feet. Located at 6625 and 6675 Daniel Burnham Drive in Portage, Indiana, the properties sit within the Northwest Indiana submarket of the greater Chicago metropolitan area.
Greenstone Partners’ Managing Partner, Jason St. John, represented the seller, a Florida-based private investor, and procured the buyer, Sperry Equities, a Southern California-based real estate investment group. The transaction represents the highest price per square foot ever achieved for a multi-tenant industrial investment of 50,000 square feet or larger in the Northwest Indiana region.
“The buyer was attracted by the portfolio’s strategic location within one of the region’s most well-leased submarkets, along with the meaningful mark-to-market opportunity within the existing income stream,” said St. John. Located just 45 miles from downtown Chicago, the properties are well-positioned for last-mile and middle-mile logistics.
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