Angelo Gordon & Co. took a leap into Chicago’s surging industrial market with the acquisition of a metals manufacturing plant on the city’s outskirts.
The New York-based investment giant paid about $26.3 million to acquire two adjacent factories operated by the Bway Corporation near the border with suburban Cicero, according to Cook County property records. The sites comprise some 402,000 square feet of built space across just over 19 acres of land.
The seller was Oak Brook-based industrial empire CenterPoint Properties, which paid about $12 million in 2007 to buy the properties at 3200 South Kilbourn Avenue and 4400 West 35th Place, records show.
In 2015, CenterPoint expanded the the 35th Place facility by about 79,000 square feet, according to a company spokesperson.
Even after shedding the Southwest Side property, CenterPoint claims some 26 million square feet of Chicago-area industrial space, spread over dozens of properties from Southeast Wisconsin to south suburban Joliet. The firm builds and manages industrial real estate all over the country, including in South Florida, where it unveiled plans this week for a nearly 300,000-square-foot new logistics center.
Bway Corporation, which describes itself as “one of the largest manufacturers of rigid metal, plastic and hybrid containers in North America,” merged with three other companies last year to form Mauser Packaging Solutions. Like CenterPoint, the company’s global headquarters is in Oak Brook.
A representative of Angelo Gordon declined to detail the company’s plans for the site.
Angelo Gordon is reportedly looking for a more than $700 million payday for the 37-story Citadel Center office tower, joining a wave of Downtown office owners trying to cash out.