The Midwest’s first modern-age vertical warehouse is for sale about a year after the speculative project was completed on the edge of Chicago’s Goose Island.
JLL brokers have been hired to sell the sprawling, five-level warehouse and parking facility at 1237 W. Division St., according to a brochure about the property.
The project includes 571,423 square feet of traditional warehouse space on two levels along with a series of ramps and parking levels with room for 1,590 cars or 763 vans, according to JLL.
Developer Logistics Property Co. is looking to sell the vacant property after years of trying to land a big tenant to fill the first modern, vertical warehouse in the U.S. away from the East and West coasts.
JLL is billing the property as the chance to own a one-of-a-kind logistics facility with access to the nearby Kennedy Expressway.
The nearly 1.2 million-square-foot property is just north of the Loop business district, near several densely populated neighborhoods on the North Side. The Division Street warehouse is just across the Chicago River from Goose Island.
The Chicago-based developer paid more than $55 million for the site and took out $150 million in construction financing for the project that launched in August 2022 and was completed in late 2024, CoStar News has previously reported.
Logistics Property decided on a vertical warehouse — a concept previously only explored in the densest areas of Asia and Europe, and in the U.S. in Seattle, New York and San Francisco — to maximize the site. The developer has said the property can support about 600 to 800 permanent jobs.
“We are pursuing all opportunities with this development, including lease or sale, offering flexibility for potential users who plan to be in the Chicago market for the long term,” a Logistics Property spokesperson said in a statement to CoStar News.
Aaron Martell, a Logistics Property founding partner and executive vice president, told CoStar News last year that e-commerce and consumer products companies, package delivery firms and even film production companies had shown interest in leasing space.
It’s not clear how much Logistics Property is seeking in a sale.
The property is for sale with Chicago-area industrial vacancy at 5.9%, below the national average of 7.5%, according to CoStar data.
The main warehouse structure and the parking structure are connected by a pedestrian bridge, and the property includes 135-foot truck-court depths, according to the JLL materials.
For the record
The seller is represented by JLL brokers Kurt Sarbaugh and John Huguenard.