CHICAGO, IL – September 28, 2023 – GoldCoast Logistics (umbrella group), or “the Company,” or “GoldCoast,” has executed a sale leaseback of its Chicago Terminal building located at 1425 Madeline Lane in Elgin, Illinois. The local terminal property was a build-to-suit for GoldCoast and was custom designed and built by its in-house design and construction group, Olympus Design and Development, led by Principal, Alex Vaysman. The 61,888 square foot building is situated on 5.06 AC in a premier business park in Elgin, Illinois.
The sale price of the property was $20.5 million dollars, representing an eye-opening sale price of $331 per square foot. However, the price per square foot is representative of the building’s intrinsic value as a full-service logistics property, replete with warehouse space, Class A office space, and 26 dormitory-style bedrooms for its trucking employees. Said Vaysman of the design, “GoldCoast came in with the idea of building dormitory rooms because the company was spending too much money on hotel rooms and Ubers and Lyft’s for their trucking employees that were coming in for interviews or for training. Collectively, we decided to keep everything in-house when we designed and built this building, including putting in the dormitories. As one of the very first logistics companies to do this, it is now truly the centerpiece of GoldCoast’s business and has greatly increased the morale and safety of their employees.”
Dragos Sprinceana, Founder and CEO of GoldCoast said of the property, “The Chicago Terminal building is representative of the future of logistics in that it is truly a full-service logistics property in every sense of the word, and we plan to build more of these for GoldCoast and other similar companies in our industry that have indicated strong interest in the design and construction of our property.”
The sale leaseback transaction was led by Chicago-based STREAM Capital Partners and its Managing Principal, Jonathan Wolfe and Managing Director, Jeff Lizzo. Said Wolfe of the transaction, “there were many people asking about this transaction because, with all of the volatility going on in the market, it was an important transaction to get done to show that deals are still getting done and there’s still tremendous investor demand for single tenant properties. We were very pleased with the outcome and it’s going to enable GoldCoast to free up capital for growth.”
The buyer was a private Delaware Statutory Trust, where multiple investors each hold an undivided fractional interest in the holdings of the trust.
GoldCoast Logistics (encompasses a group of companies), owned by Dragos Sprinceana, is a full-service supply chain management provider specializing in the time-sensitive movement of goods, including food grade product, trade show exhibit materials, entertainment equipment, and various other quick-move assignments. GoldCoast has a fleet of more than 1,500 trucks and trailers, has over 1,200 employees, and handles over 70,000 shipments per year.