Prologis buys warehouse near Fulton Market District

San Francisco-based REIT has 963M sf of industrial space in 19 countries

TRD CHICAGO /
Sep.September 24, 2020 03:31 PM
Hamid Moghadan and 455 N Ashland Ave (Credit: Google Maps)

Hamid Moghadan and 455 N Ashland Ave (Credit: Google Maps)

Prologis, one of the world’s largest industrial developers and investors, has bought another last-mile warehouse, this time on Chicago’s Near West Side.

The real estate investment trust purchased the 70,000-square-foot warehouse at 455 North Ashland Avenue for $12 million earlier this month, Crain’s reported. The property is near Fulton Market District, which has seen an increase in development in recent years. That may signal the industrial giant’s plans to convert the facility into a last-mile warehouse space.

The last time the warehouse changed hands, in 2017, Phil Denny paid $8.1 million for the property.

Prologis, a San Francisco-based REIT which owns 963 million square feet of industrial space in 19 countries — up from about 800 million square feet at the end of 2019 — has 4,655 buildings across the U.S. Investment firm Blackstone Group has also made aggressive acquisitions in the sector in recent years.

Industrial space was in short supply before the coronavirus pandemic, hitting a record low in 2019. Since the health crisis, the online-shopping trend has only strengthened, which led Prologis to report higher-than-normal rent collections in the last quarter.

The company’s CEO, Hamid Moghadam, is so bullish on the sector overall that he said at a recent webinar that the only thing that could get in the way of the company’s success is if someone were to invent a Star Trek transporter. [Crain’s]Georgia Kromrei


Related Articles

arrow_forward_ios
110 N Carpenter Street in Fulton Market (Photo via Sterling Bay)

Sterling Bay, JPMorgan near deal to sell McDonald’s HQ for $430M

Sterling Bay, JPMorgan near deal to sell McDonald’s HQ for $430M
300 North Elizabeth Street with John and Stephen Calk (Google Maps, Federal Savings Bank, Getty, iStock)

Federal Savings Bank is leaving Fulton Market but not Chicago

Federal Savings Bank is leaving Fulton Market but not Chicago
1100 W. Fulton Market (Courtesy of Fulton St. Co.)

$40M building could break Fulton Market records

$40M building could break Fulton Market records
Marquette Companies CEO Nick Ryan and a rendering of 1400 West Randolph Street (Credit: Marquette Companies and Brininstool + Lynch)

Marquette lines up construction financing for Fulton Market rentals

Marquette lines up construction financing for Fulton Market rentals
Sandeep Mathrani, 1155 W. Fulton and 1114 W. Fulton (Credit: Google Maps and John Sciulli/Getty Images for Bloomingdale's)

Exit strategy: WeWork eats Fulton Market leases

Exit strategy: WeWork eats Fulton Market leases
Leslie Hindman has listed the two-building property at 1332 and 1338 West Lake Street in Fulton Market.

Going once: Auctioneer lists her Fulton Market office, testing demand

Going once: Auctioneer lists her Fulton Market office, testing demand
Jeff Bezos and 2420 South Halsted Street (Getty, Google Maps)

Amazon adds to Chicago presence with Bridgeport warehouse

Amazon adds to Chicago presence with Bridgeport warehouse
Prologis’ Hamid Moghadam and an aerial of 3501 120th Ave in Kenosha, Wisconsin (Prologis; Google Maps)

Prologis sells Amazon fulfillment center in Kenosha for record price

Prologis sells Amazon fulfillment center in Kenosha for record price
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...