A former steel mill site in East Chicago has been purchased by a Chicago investment firm.
Speedwagon Capital Partners acquired the former steel bar mill at 3300 Dickey for an undisclosed amount. The facility was owned by Cleveland-Cliffs and was included as part of its $1.4 billion purchase of ArcelorMittal USA LLC last year.
“We are very excited about the favorable logistical and supply chain attributes that this premier industrial location offers,” said Steve Khoshabe, SCP senior managing director. A representative for Cleveland-Cliffs said the mill was shuttered in 2000.
SCP said the site is well-suited for industrial redevelopment given its on-site rail access, barge access to Lake Michigan, direct adjacency to multiple interstates, and immediate access to more than 300 megawatts of available power.
SCP in September 2020 purchased an interest in an industrial real estate portfolio. The portfolio was valued at $130 million and consists of 2.2 million square feet across 41 buildings located in the greater Chicago area and southern Wisconsin.
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