G3 Enterprises Picks Up Chicago Industrial Asset
This facility previously traded for $27 million.
G3 Enterprises has acquired a 380,269-square-foot industrial facility in Bedford Park, Ill., according to CommercialEdge information. MDH Partners sold the asset for nearly $34.4 million.
The asset previously changed hands in 2021, when MDH Partners bought it for $26.6 million from Link Logistics, the same source shows. It was part of an $83 million portfolio deal that included six Bedford Park buildings, representing the company’s entrance into Illinois, according to The Real Deal.
The one-story warehouse is on a 19-acre lot at 6220 W. 73rd St. in Chicago’s Southwest Cook County submarket. It is close to Interstate 55 and provides easy access to Interstate 294, while being 16 miles from downtown Chicago and nearly 29 miles from Chicago O’Hare International Airport.
Completed in 1985, the Class B industrial building features clear heights between 24 and 28 feet, ample column spacing, sky lights, 29 dock-high doors and six grade-level doors. The rail-served property also has 38 vehicle parking spots and an ample truck court. Nexus Distribution occupies the facility.
Chicago’s affordable industrial prices
Chicago’s industrial sales volume amounted to $281 million as of February, ranking fourth among the top-performing markets in the U.S., according to a recent CommercialEdge report. The metro outperformed Los Angeles ($252 million) and Phoenix ($162 million) despite posting an average sale price of $90 per square foot—one of the most affordable in the country, way below the national average of $127 per square foot.
In one of the larger deals, SL Industrial Partners acquired a 925,391-square-foot portfolio of industrial flex space across three business parks. Stockbridge sold the assets for $76.4 million, CommercialEdge shows.
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