Last updated on May 15th, 2019 at 04:56 pm
Oak Brook, Ill.-based CenterPoint Properties sold a large industrial building and 7.4 acres of adjacent land in the Mitchell Industrial Park in Cudahy for a total of $11.3 million to a Minneapolis firm, according to state records.
CenterPoint is also planning to build a 153,000-square-foot flex industrial building in the industrial park.
5201 International Drive DEV, LLC, purchased the 147,212-square-foot industrial building at 5235 International Drive for $10.3 million and the adjacent land for $1 million at 5201 International Drive.
The building is 100 percent occupied, said Brian Biernat, director of economic development for the city of Cudahy.
Representatives from CenterPoint would not comment on the sale or who the buyer is.
The two properties are bordered by South Pennsylvania Avenue to the west and East Edgerton Avenue to the north. They are immediately accessible to I-794.
“The properties are in a great location,” Biernat said. “CenterPoint must be divesting from some of its holdings in the park, which is fine from our prospective.”
In May, the city approved CenterPoint’s proposal to construct a 153,000-square-foot flex industrial building just west of the existing building at 5235 International Drive.
The building was originally going to be built in 2009, but was put on hold during the Great Recession, Biernat said. CenterPoint indicated to the city they have tenants lined up for the property.
Construction on that building is expected to begin in August and will be complete by the end of the year, Biernat said.