Greenstone Partners has announced the sale of a 9,089-square-foot property net-leased to Tesla Motors in Chicago’s River West neighborhood. The asset sold for $4,557,000.
Greenstone managing partner, Jason St. John, along with partners Danny Spitz and Greg Dietz, had the exclusive listing to market the property on behalf of the seller, a private partnership. Greenstone procured multiple offers from investors located both in Chicago and internationally.
Located at 1053 W. Grand Avenue, this was Tesla’s first Chicago location dating back to 2013 which recently extended their lease term. This location accommodates both sales and service for Tesla situated in a clear span, barrel-truss building and includes an adjacent parking lot, totaling 15,385 square feet of land. The property offers cash flow from a credit tenant along with the future upside to vertically develop the land in a booming neighborhood adjacent to Fulton Market.