Diamond Realty Holdings sells stabilized industrial building in Chicago’s Kinzie Industrial Corridor
JLL arranged the sale of the 42,000-square-foot industrial site at 1901-1933 West Fulton St.
CHICAGO, June 8, 2021 — JLL is pleased to announce that it has arranged the sale of one of the first stabilized buildings in the Kinzie Industrial Corridor submarket. 1901-1933 W. Fulton totals approximately 32,000 square feet of building with three tenants and a surface parking lot.
JLL worked on behalf of the seller, Diamond Realty Holdings, which first purchased the building in late 2018. With the goal of upgrading and repositioning the industrial building within the market, Diamond Realty Holdings initiated an extensive upgrade of the property which included environmental remediation, demolition of a 10,000 square foot section for a surface parking lot and strategic clean up to create three highly functional spaces of varying sizes. All three units were leased within one year of project commencement.
“From the start, our strategy has always been centered around purchasing, upgrading and leasing industrial buildings located in highly desirable areas within the Chicago market,” said Josh Diamond, Principal of Diamond Realty Holdings. “One of the reasons why this transaction was successful is due to our process of identifying the right asset, purchasing at the right basis, making strategic and very pointed improvements, then leasing and selling the asset quickly.
With an infill location less than half a mile from downtown Chicago, Kinzie Industrial Corridor is located within a planned manufacturing district (PMD) which has been ideal for a variety of uses including light distribution, production, and makers spaces for businesses looking to service the downtown Chicago market.
For more information, please visit jll.com/Chicago.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.