Greenstone Partners has announced the $16.5 million sale of the Addison and Clark buildings, two multi-tenant shallow bay industrial properties located at 6625 and 6675 Daniel Burnham Drive in Portage, Indiana. The two buildings total 166,134 square feet and are situated within the Northwest Indiana submarket, part of the greater Chicago metropolitan area.
Jason St. John, Managing Partner at Greenstone Partners, represented the seller, a Florida-based private investor, and secured the buyer, Sperry Equities, a Southern California-based real estate investment group. The sale set a regional record, achieving the highest price per square foot ever for a multi-tenant industrial investment of 50,000 square feet or larger in Northwest Indiana.
“The buyer was attracted by the portfolio’s strategic location within one of the region’s most well-leased submarkets, along with the meaningful mark-to-market opportunity within the existing income stream,” said St. John.
Situated just 45 miles from downtown Chicago, the properties are ideally located for both last-mile and middle-mile logistics operations.
