The Central Manufacturing District is a corporation started by Frederick H. Prince at the turn of the 20th century and currently owned by several family members and family trusts. Mr. Prince is credited with the development of the nation’s first industrial park in 1905.
This Chicago family, prominent in business, cultural and social affairs, was advised by their San Francisco business and financial advisor to change their investment strategy. As a result, they wanted to sell the remaining 225 acres in their St. Charles Business Park. They worked with several large local and national brokers, but were unsuccessful in their efforts to sell this land.
They then called me for help. I determined that any prospective buyers were more interested in securing an immediate return on their investment than holding the land for future appreciation. After extensive research and many discussions I suggested that they “package” the land with several income producing buildings that they owned in the Chicago metropolitan area and in Arizona.
As a result, I sold the 225 acres of land as a package with 12 office and industrial buildings for approximately $55,000,000 to National Life Insurance Company of Vermont for their investment portfolio.