South Loop Stateliness
A New York based investment group engaged Interra Realty to sell a stabilized, mixed-use building with an adjacent parking lot. The sellers completed a full, adaptive re-use renovation of the building approximately six years ago. The apartments offer modern finishes along with historic character, but offer relative value to some of the Class A offerings that have been recently developed. The street-level retail space is leased to Pizano’s, an established local restaurant and bar. The parking lot is zoned DX-5, which presents the dense development potential.
Interra marketed the property to our deep pool of both private and institutional buyers. Our efforts uncovered interested in parties in both the building, land and the two as a portfolio. Ultimately, a New York based investor was chosen who was looking to expand their Chicago presence and enter into an attractive submarket in the South Loop. The buyer also placed future development potential on the land, which will continue to have value as resident parking in the interim.