June 30, 2020
NAI Hiffman brokered the $7.5-million sale of 5115 S. Millard Ave., a 42,000-square-foot modern freezer building in the Southwest Side’s Brighton Park neighborhood. The brokerage also completed a six-year lease with the sole tenant, Moesle Meat Co., a Chicago meat wholesaler.
John Basile, SVP of NAI Hiffman’s Industrial Property Group, represented the buyer, Chicago-based Karis Cold Storage, a newly launched private investment and development company. The 5115 S. Millard purchase is Karis Cold’s first investment in the cold storage sector.
“Cold storage buildings are hot right now because the pandemic is driving more online food and grocery sales, increasing the need to keep inventory close at hand,” said Basile, who specializes in cold storage assets.
He added that he has had more inquiries about cold storage properties since the pandemic began, particularly those in the city.
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