October 2024
NAI Hiffman Represents TradeLane in Warehouse Sale
TradeLane Properties sold a vacant cold-storage warehouse for $6.1 million to a Midwest-based meat-processing company new to the Chicago market.
Prior to the sale, upgrades were made to the 67,000-square-foot facility at 5251 S. Millard Ave. that included a new roof, asphalt repairs and the removal of racking systems.
The unidentified buyer will fully occupy the building, which features 14- to 18-foot clear heights and includes a 10,000-square-foot freezer and a 30,000-square-foot cooler.
The asset was part of TradeLane Properties Fund I, a Chicago-focused industrial value-add platform.
“We sold this property because it was the right time,” said Brendan Sheahan, vice president and Chicago market officer for TradeLane Properties, adding that demand from investors for industrial properties in Chicago “is still there” and the right pricing can help to move sales forward.
John Basile with NAI Hiffman represented TradeLane Properties in the transaction, while the buyer was represented by Brandon Waters with KBC Advisors.
About Hiffman National:
Based in the Chicago area, with an additional five regional hubs and 30 satellite offices, Hiffman National provides superior property management, project services and accounting services to a diverse portfolio including office, medical office, retail and industrial properties nationally. The firm’s comprehensive property management platform and attentive approach to service contributes to client NOI and has helped the firm to more than double in size in five years. Hiffman National is an award-winning company with more than 250 employees strategically located throughout North America.
About NAI Hiffman:
NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is and award winning company headquartered in suburban Chicago, with more than 250 employees strategically located throughout North America.
