NAI Hiffman's Industrial Services Group has brokered Chicago's first industrial building sale completed this year within the city's limits. Sandler Sanitary Wiping Cloth Co. has sold its 68,000-sq-ft warehouse, located at 2229 S. Halsted St., to Chicago-based real estate investment group, Sterling Bay Cos.. Brian Colson, executive vice president, Larry Goldwasser, vice president, and Eric Fischer, senior associate with NAI Hiffman's Industrial Services Group, represented Sandler Sanitary.
The buyer has plans to conduct extensive rehabilitation to the interior and cosmetic work on the exterior, creating loft industrial unit space. They will also add parking in the rear of the building.
"The new design should enhance the image of the property location just off the corner of Cermack and South Halsted Street," said Goldwasser. "This sale happened because Sterling Bay felt the location was excellent and offered good development opportunity."
Sterling Bay Cos. was formed in 1986 in the Wrigleyville neighborhood with a focus on rehabbing three flat residential buildings. Today, Sterling Bay is aggressively expanding its 2 million-sq-ft portfolio both locally and nationally.
Source: Illinois Real Estate Journal