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Dayton Street Partners purchased a 42K SF industrial building in West Fulton for $2.8M. This one won't be converted into another use, like so many warehouses in the area have been of late — it will be renovated and offered up as a last-mile logistics location.
The property — a 42K SF building on 1.75 acres — is at 2501 West Fulton. It was built in the 1960s and had been owner-occupied by Keystone but now is fully vacant. It fits the bill of the latest wave of industrial demand — older, smaller warehouses that are closer to population centers and can be used by e-commerce companies. Dayton Street has been carving out a name in that space as well, focusing on small infill industrial and office acquisitions.
“Demand for quality infill industrial space that features abundant parking and immediate access to Chicago’s neighborhoods is not abating,” Dayton Street’s Michael Schack said. “2501 West Fulton is the rare urban property that satisfies that demand.”
Its location just west of Chicago's central business district and the booming Fulton Market makes Dayton Street consider the location ideal for last-mile users — e-commerce logistics companies looking to store goods near customers to shorten delivery time.
Dayton Street will renovate the property, which already has 16-foot clear ceilings, two loading docks, one drive-in door, parking for 50 cars and 8K SF of newly built office space. It will add LED high-bay lighting, white box the warehouse and improve the parking lot.
JLL's Scott Duerkop and Dominic Carbonari represented the seller.
Dayton Street has been active in the Kinzie Industrial Corridor recently, redeveloping 2101 West Carroll, 2137 West Walnut and 1500 West Carroll. The Kinzie Industrial Corridor TIF is nearing the end of its life — the tax increment financing program meant to spur redevelopment began in 1998 and ends in 2021.
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