May 18, 2017 Comments (0) Views: 179 Illinois, Midwest, National News

Sterling Bay Picks Up Another Chicago River Site

Connect Industrial is coming to Chicago, June 28th. Here’s where to get more details and register.

Chicago-based Sterling Bay acquired a four-acre property along Chicago’s River North Branch, an area poised for a major redevelopment explosion. Chicago is relaxing zoning in the district along the river stretching from downtown up to Lincoln Park,  and developers envision a large-scale mix of residential, office, retail and public gathering spaces.

The industrial property at 1720 N. Elston Ave. was owned by Sipi Metals, where it operated a 100,000-square-foot scrap metal processing plant at the site.

The acquisition follows a trend of industrial and manufacturing user sales, now that the city decided to change the area’s industrial-only zoning. Sterling Bay recently acquired a 1.5-acre property nearby at 1642 N. Besly Ct. for $6.3 million. Last year, the company also acquired the 28-acre A. Finkl & Sons steel site along the east side of Chicago River at Cortland Street for $140 million.

Read more at Crain’s

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