NAI Hiffman, the largest independent commercial real estate services firm in the Midwest, today announced its Industrial Capital Markets team brokered the sale of Chase Street Industrial Center, a two-building manufacturing complex totaling 1,088,834 square feet at 700 Chase St. in Gary, Ind. Currently occupied by four tenants, the property is located on approximately 98 acres.
NAI Hiffman’s Patrick J. Sullivan, executive vice president; Ryan Chambers, vice president; and Chris Gary, executive vice president, represented the seller, Chicago-based RJB & Company. The buyer was Cannon Commercial Inc., headquartered in Los Angeles.
“Chase Street Industrial Center offers long-term stability and consistent cash flow from tenants that have operated out of these buildings for an average of 18 years,” said Sullivan. “The property is unique in that it features 30 MVA of heavy power, extensive on-site rail and high-capacity cranes throughout both buildings, all of which are critical to the steel-related heavy manufacturing and light assembly uses of the tenants.”
Chase Street Industrial Center consists of two mission-critical facilities: a heavy manufacturing and warehouse property totaling 1,008,834 square feet that is occupied by three tenants and an 80,000-square-foot facility occupied by a single tenant. In all, the property is almost fully occupied and has a weighted average remaining lease term of 8.2 years.
Direct rail service via the Indiana Harbor Belt Railroad is available with 4 miles of rail on-site and capacity to hold 275 rail cars.
The property is located near the Illinois/Indiana border in Northwest Indiana, just 2 miles south of the mills that produce 27% of the nation’s steel. The property offers immediate access to Interstates 90 and 94 and is less than 4 miles from the Gary/Chicago International Airport.
About NAI Hiffman:
NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is headquartered in suburban Chicago, with more than 250 employees strategically located throughout North America. For more information, please visit hiffman.com.
About Cannon Commercial Inc:
Cannon Commercial Inc. is a privately operated real estate investment and management company based in Los Angeles, California with a reach across selected regions of the United States in its holdings. Its investments under management and integrated joint venture properties make for a diversified real estate portfolio including, office, retail, multifamily, and industrial assets. The portfolio projects an assembly of bold assets which vary across the investment spectrum and include core-stabilized to distressed assets acquired for revitalization.
