TradeLane Properties Closes On The Sale Of Broadview Industrial Center
Oak Brook, IL – TradeLane Properties is proud to announce the sale of TLP Broadview Industrial Center, located at 2600 S. 25th Avenue in Broadview, Illinois. The facility, acquired in an off-market transaction in September 2019, marked the first investment under the TradeLane Properties platform. Michael Tenteris of Cushman & Wakefield represented TradeLane Properties in the disposition.
Through its Chicago focused value-add industrial platform, TradeLane Properties Fund I, TradeLane Properties was able to reposition this 339,440 SF industrial building over the three-year hold period. Improvements included roof repairs, replacement of over 2.5 acres of asphalt truck court, 15,000 SF of office renovations, exterior paint, new mechanical systems, LED lighting, and modernization of the office entrance and vestibule.
In addition, 16 leases were transacted during the period, inclusive of renewals, converting all tenants to triple net and/or modified gross leases along with the monetization of over 75 dedicated trailer parking positions.
TradeLane Properties would like to thank Cushman & Wakefield Industrial Advisory Group, CIBC Bank, and Franklin Law Firm PLLC for their assistance in this transaction.
About TradeLane Properties
TradeLane Properties is a privately held industrial real estate company committed to harnessing its founders’ expertise in acquiring, developing, redeveloping, and operating industrial real estate facilities focused on the Central U.S. markets of Chicago, Cincinnati, Columbus, Indianapolis, Louisville, Atlanta, and Dallas-Fort Worth. For more information, visit www.tradelaneproperties.com or call Kari Lavezzi at (630) 320-5501.