Brit Properties acquires trio of North Side industrial assets along Chicago River

Chicago, IL Brit Properties completed the acquisition of Belmont Properties, a three-building industrial asset totaling 82,000 s/f on the city’s north side. The five-acre site was acquired for $13 million from an unnamed family that’s owned it for 30 years.

The property is ideally situated along the east bank of the Chicago River at Belmont Ave. that sits in a path of growth and holds potential value for future redevelopment. The class B, single-tenant buildings, were built from 1968-1991 and are located at 2425 W. Barry, 3150 N. Campbell, and 3106 N. Campbell in the I-90 Kennedy Expwy. corridor.

Brit Properties co-founder Joel Friedland, SIOR, said, “The acquisition of Belmont Properties aligns well with our acquisition strategy of owning and operating stabilized industrial properties in desirable neighborhoods within the city of Chicago and near O’Hare Airport. This prime riverfront property was even more attractive because the acquired facilities are fully occupied under long-term commitments by Tampico Beverages and Beverage Flavors International, two creditworthy producers of fruit juice concentrates that are sold internationally.”

Tampico Beverages is an international manufacturer of fruit-flavored drinks and related products sold in more than 56 countries. Beverage Flavors International is a manufacturer and exporter of proprietary beverage flavor bases and sweetener solutions for beverage manufacturers in the USA and more than 30 other countries globally.

The acquisition was structured as a risk-averse, long-term hold, syndicated to more than 60 real estate investors, including individuals and families, many of whom have participated in prior syndications with Brit Properties dating back to the 1980s. Union National Bank of Elgin provided debt amounting to a 30% loan-to-value ratio (LTV). Brit’s syndication strategy is to utilize little or no debt.

Hansen Realty’s Nick Stellas represented the buyer, while Hansen Realty’s Michael Milstead represented the seller.

Stellas said, “Michael and I worked diligently to find the right buyer for this prime riverfront property so we could provide assurances to the selling family, which we were able to do by leveraging the buyers’ 40-year track record and experience owning industrial real estate. Joel Friedland and his industrial real estate team’s reputation was instrumental in building trust among the multiple decision-makers during this transaction.”

“We understand the importance of bringing everyone to the table. It’s truly a blessing when both parties are genuinely committed to collaborating to find solutions to problems, especially in the midst of the current challenging economic and political environment we’re currently facing. Tampico and Beverage Flavors have long term leases and plan to continue operating out of this location,” Stellas said.