New York-based Angelo Gordon & Co. is as happy as anyone about the state of the industrial market.
The real estate investment firm just made a $47 million profit on the sale of an industrial property in Chicago, according to public records.
In 2012, Angelo Gordon picked up a warehouse at 1109 East Lake Street in Streamwood for $11 million. They sold the industrial property, leased to Fresh Express, to Broadstone Real Estate for $58 million, records show.
It was one of two closings to hit records this week. Angelo Gordon also sold a 528,000-square-foot office building in Hoffman Estates for $36 million. The buyer? Broadstone Real Estate, founded by Amy Tait. Angelo Gordon paid $18 million for the office, which houses Claire’s global headquarters.
The profits have been rolling in for Angelo Gordon & Co. this year. In January, they sold their West Jackson Blvd in the Loop for $150 million, double what they paid for it in 2015. The firm is looking for more sales like this. In May, they put the Citadel building on the market, hoping for $700 to $750 million — over $100 million more than the $560 million it was last bought at.
On the industrial front, Angelo Gordon in July refinanced a three-property suburban industrial portfolio in the Chicago suburbs it acquired for $41 million.