November 7, 2019 Comments (0) Views: 494 Chicago News, North Side

Greenstone Closes Sale of Goose Island Value-Add

Greenstone Partners brokered the sale of 1040 N. Halsted St. on the North Side’s Goose Island. Deal terms weren’t disclosed.

The one-story, 27,000-square-foot masonry building features adaptable space conducive to industrial, showroom, office and other creative uses. The property features windows on three sides, 16-foot ceilings and 210 feet of frontage along Halsted Street. The property was sold 40% leased, creating a significant value-add opportunity for new ownership.

The 160-acre Goose Island has a long history of industrial and manufacturing uses, Greenstone points out. “While those uses still exist today, the island is welcoming a new breed of creative office users including UI Labs, Wrigley’s Global Innovation Center and Boelter. With the Chicago River on all sides and surrounded by affluent and growing neighborhoods, a revitalizing urban boom has tenants flocking to Goose Island.”

Greenstone procured both the seller, a private partnership, and the buyer, a Chicago-based real estate investment group.

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