Sterling Bay Cos. Buys 68,000-SF Building

CHICAGO-Sterling Bay Cos. has purchased a 68,000-square-foot industrial building at 2229 S. Halsted. The building was sold and previously occupied by Sandler Sanitary Wiping Cloth Co. Chicago-based Sterling plans to rehab the interior and exterior of the building to create loft industrial space, as well as add parking to the back of the building.

The three-story building sits on less than an acre at the corner of Cermak Road and South Halsted Street. The facility offers 16-foot clear ceilings, two freight elevators and an additional 20,000 square feet of space in the basement. The sales price was not disclosed on this deal, which is reportedly the first industrial building sale to close this year in the city of Chicago.

The property is located in the southern Chicago submarket, where overall occupancy is around 94%, according to Cushman & Wakefield’s Q1 industrial market report. Asking lease rates in the submarket range from $3 to $7 per square foot net, according to Cushman’s research.