Contact Us
News

JLL Seeking Buyers For Greyhound's Goose Island Garage

Chicago Land
Placeholder
Greyhound put its Goose Island maintenance center on the market in January 2017, after receiving unsolicited offers of up to $50M for the site.

The rush for quality sites in the North Branch Industrial Corridor, especially Goose Island, is on. And here's a new opportunity: Greyhound Lines hired JLL to market an eight-acre site near Goose Island to potential buyers. Greyhound uses the site as a maintenance center for its buses.

The reason: Greyhound says it received unsolicited offers of $50M from developers. If it's getting offers that high for an off-market property, why not test the waters and see how high the bids can reach? Greyhound is the newest seller in a hot market where developers are buying sites as fast as they can find them. The highest-profile deal is Sterling Bay's $100M deal for the A. Finkl & Sons site. Tribune Media is seeking buyers for its Freedom Center printing complex a block south of Greyhound's site. And the nonprofit Anixter Center is seeking buyers for its Clybourn Corridor offices.

The site includes a 150k SF building at 901 North Halsted (pictured) and a smaller lot across the street, Crain's reports. Developers are betting that Mayor Rahm Emanuel will relax zoning restrictions in planned manufacturing districts like Goose Island, which they believe would spur a flurry of activity in the North Branch Industrial Corridor. [Crain's]