Interra Realty, LLC has been exclusively engaged to market the Vesta Lofts building for sale. The subject investment property is a 60 unit mixed-use property in a booming area of Chicago’s South Loop Neighborhood. Being marketed for sale, in conjunction with Vesta Lofts, is 19,373 SF of land (zoned DX-5) that currently functions as a surface parking lot for the building.
Before being converted to loft style apartments, the property was home to the Vesta Battery Company. Today, tenants enjoy high ceilings, large windows, exposed timber beams and brick walls, with high-end modern finishes and in-unit laundry. All units are heated via water source heat pump and cooled via close circuit cooler. Common amenities include a gym, bike room, and common rooftop deck with sweeping city views.
Pizano’s, a Chicago based pizzeria that has been in business since 1991, anchors the ground floor commercial space. This is one of five Chicagoland locations in addition to another location in Milwaukee, WI. Pizano’s recently began the 4th year of a 10 year lease, which includes annual rent escalations for the remainder of the term. In addition, there are two (2), five (5) year options to extend.
Situated directly across from the property are two brand new developments – the 10,387 seat Wintrust Arena and the 1,205 room Marriott Marquis Hotel. Also recently constructed just a half block south is Hilton’s first ever tri-branded hotel, featuring a total of 466 hotel rooms under the Hilton Garden Inn, Hampton Inn and Home2 Suites brands. Just one block south is North America’s largest convention center, McCormick place, which attracts close to 3 million visitors annually. With such substantial development taking place in close proximity to the subject property, the strength of the location and it’s underlying dynamics are on display.
The opportunity offers qualified investors the chance to acquire a stabilized apartment building in a high barrier to entry location. In addition, there is substantial upside in developing the parking lot as potential future up-zoning could translate into a number of different development opportunities.
- Dynamic South Loop Location Across the Street from Wintrust Arena, Marriott
Marquis & McCormick Center
- Loft Style Apartments with Modern Finishes and In-Unit Laundry
- Large Surface Parking Lot with Attractive As-of-Right Zoning and Potential
- Retail NNN Leased to Established Local Pizzeria/Bar
- Built in 1914 and Newly Renovated in 2013