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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]
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