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Dayton Street Partners has found a sweet spot in the blistering hot Chicago industrial real estate market by buying and rehabbing assets in niche submarkets. Dayton Street's latest acquisition is especially unique. It just closed on a 206k SF, multi-tenant warehouse at 6012 Monroe Court in Morton Grove.
Dayton Street paid $6M for the fully leased property. The building's design is a story in itself. Its developer, Dick Elder, had a thing for castles and added castle-like touches and names to all of his buildings. The Morton Grove property features turrets in the masonry, and Dick (who sold the property in October 2016 and passed away early this year) even went so far as having period manikins made to stand on the roof during the summer.
Dayton Street is planning a $2M improvement program for the property that will include interior and exterior renovations, modernizing the façade, installing a new roof, adding T-8 lighting and upgrading loading docks. Dayton Street will also demolish several metal outbuildings to make room for 1.5 acres of secured parking/trailer storage.
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