Clear Height Properties & Diamond Realty Holdings Acquire Majority of City Block in the Kinzie Corridor of Chicago

A joint venture between Clear Height Properties (“CHP”) and Diamond Realty Holdings (“DRH”) recently closed on the acquisition of 400-434 N Armour, 1520 W Kinzie, 401-405 N Ashland and 1515 W Hubbard, three vacant flex industrial buildings totaling 53,250 SF square feet and a vacant land parcel located on the west side of Chicago, Illinios. The portfolio, at the prime corner of Ashland and Kinzie, sits on 1.76 acres in the established business and art district commonly known as the Kinzie Corridor. 

404-434 N Armour is a 38,268 SF building inclusive of 5,586 square feet of loft office space. The building has a 20′ clear height with two drive-in-doors and can be demised into 18,291 and 19,777 square foot units.

1515 W Hubbard is a 7,772 square foot building with 611 square feet of mezzanine space. The building has a 17.5′ clear height with two drive-in-doors.

CHP/DRH have plans to demolish 1520 W Kinzie which will create a total of 103 parking spaces for the campus.

CHP/DRH plans to brand the site under the name “The Armoury” and convert the portfolio into a multi-tenant campus with extensive base building improvements including tuckpointing, new energy efficient lights, resurfacing the parking lots, replacing the roof, new HVAC systems, updated landscaping and painting the warehouses.

The seller was represented in the transaction for 400-434 N Armour and 1520 W Kinzie by Larry Goldwasser and Matt Cowie of Cushman and Wakefield. The seller was represented in the transaction for 1515 W Hubbard and 401-405 N Ashland by Susan Silver of Millennium Properties. CHP/DRH have retained Cushman and Wakefield to market the properties for lease.

“An assemblage of nearly an entire city block with over 100 car parking this close to the CBD is a rarity for the city,” commented Dominic Sergi, CEO/President of Clear Height Properties. “The Armoury will likely attract last mile distribution, service centers, studios, retail or a mixed use of office and industrial tenants that need an abundance of parking for its employees and customers and want proximity to the bustling neighborhoods that surround the campus.”