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Dayton Street buys industrial building west of Fulton Market
The firm will maintain it as a warehouse, instead of redeveloping, to provide a last-mile location near booming West Loop
Dayton Street Partners bought an industrial building west of Fulton Market, but instead of redeveloping it the firm will maintain it as a warehouse near the booming West Loop.
The Chicago-based firm paid $2.8 million to buy the 42,000-square-foot building at 2501 West Fulton Street from Keystone Aniline Corporation, according to Bisnow.
Dayton Street plans to renovate the 1.75-acre property and offer it as a last-mile location for e-commerce companies near the growing office and residential enclave in Fulton Market.
Dyemaker Keystone had occupied the half-century-old building but it was bought out last year by Milliken Chemical company and the facility is now vacant.
JLL’s Scott Duerkop and Dominic Carbonari represented the seller.
Chicago’s industrial market has been strong recently, as soaring e-commerce sales fuel a need for warehouse space. But a new report suggested a surge in spec construction could lead the market to overheat.
Dayton Street has been an active developer on the Near West Side, and it’s also jumped into the hot industrial submarket near O’Hare Airport, partnering with Black Creek Group on two large spec buildings in the area. [Bisnow] — John O’Brien