Chicago-based industrial real estate firm, Brit Properties, has recently completed the acquisition of a three-building industrial asset spanning 82,000 square feet. The property was purchased for $13 million from a family who had owned it for over three decades. Nick Stellas of Hansen Realty represented the buyer while Michael Milstead represented the seller.
Debt financing amounting to 30 percent loan-to-value ratio was provided by Union National Bank of Elgin. Brit’s syndication strategy involves minimal use of debt. Situated on five acres along the east bank of Chicago River in an area experiencing growth and redevelopment potential, this acquisition is strategically located at 2425 W Barry Ave., 3150 N Campbell Ave., and 3106 N Campbell Ave.
According to Joel Friedland, co-founder at Brit Properties: “This prime riverfront property became even more appealing due to its fully occupied status with long-term commitments from Tampico Beverages and Beverage Flavors International – both reputable producers in fruit juice concentrates sold globally.”
The article titled “Chicago’s Brit Properties Acquires Trio Of North Side Industrial Assets” originally appeared on Connect CRE.
