Greenstone Partners is pleased to announce the successful sale of 3800 N. Milwaukee Avenue, a multi-tenant flex-industrial property located in Chicago’s Irving Park neighborhood. The asset traded for $16,950,000, equating to $132 per square foot, reflecting continued investor demand for well-located flex or industrial product in one of Chicago’s most supply-constrained submarkets.
“This transaction highlights the depth of demand for well-located, urban-infill flex/industrial assets in Chicago’s North Side submarkets,” said Danny Spitz, CEO of Greenstone Partners. “The property’s high-ceiling clear-span spaces with a diverse tenant base, located within a low-supply corridor drove strong interest and resulted in a competitive sale process.”
The 128,222-square-foot property features a diverse tenant mix, including a daycare, multiple indoor sports facilities, and auto-related office and service operator. At the time of sale, the property was 98% leased, providing strong in-place cash flow and long-term stability for the buyer.
Positioned within one of the most land-constrained industrial corridors in the region, the property benefits from high barriers to entry and proximity to major transportation infrastructure. The surrounding neighborhood has experienced a surge in both public and private investment, including the recently renovated Metra Grayland Station and the $110 million Six Corners People Gas redevelopment, which will deliver 346 residential units and approximately 30,000 square feet of retail space.
Greenstone Partners’ Danny Spitz and Brewster Hague represented the seller and also procured the buyer, an Illinois-based private equity group. The transaction generated multiple offers, underscoring the strength of investor demand for urban-infill flex-industrial assets in Chicago’s North Side submarkets.