Greenstone Partners completed the sale of 3800 N. Milwaukee Avenue, a multi-tenant flex-industrial property located in Chicago’s Irving Park neighborhood. The asset traded for $16.95 million, equating to $132 per square foot.
“This transaction highlights the depth of demand for well-located, urban-infill flex/industrial assets in Chicago’s North Side submarkets,” said Danny Spitz, CEO of Greenstone Partners. “The property’s high-ceiling clear-span spaces with a diverse tenant base, located within a low-supply corridor drove strong interest and resulted in a competitive sale process.”
Greenstone’s Spitz and Brewster Hague represented the seller and also procured the buyer, an Illinois-based private equity group. The transaction generated multiple offers, underscoring the strength of investor demand for urban-infill flex-industrial assets in Chicago’s North Side submarkets.
The 128,222-square-foot property features a diverse tenant mix, including a daycare, multiple indoor sports facilities, and auto-related office and service operator. At the time of sale, the property was 98% leased.
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