Essex Represents both Buyer & Seller on $4M+ Fulton River District Transaction
A local investor hired the co-op team of Essex Managing Director Brian Karmowski and Principal Jordan Gottlieb to market this one-of-a-kind property for sale. The property is comprised of six unique lofted apartments, 4,000 SF of restaurant space leased to Perilla, a Korean BBQ restaurant, and a 25 ft. billboard leased to Outfront Media.
The marketing campaign resulted in over two dozen tours and several offers. Ultimately, the property sold for $4,125,000; a price that reflects a 7.42% cap rate. The buyer, a local investor, was also represented by Gottlieb.
“This is one of the most well located and unique buildings we have ever sold at Essex. The surrounding area is set to explode with future developments at the Salvation Army site on Grand Avenue, on Kinzie Avenue adjacent to Fulton Market, and Bally’s Casino. In addition to the multiple income streams from the apartments, retail and billboard, the location of the property will allow the new owner to reap future financial benefits as development in the area continues,” said Gottlieb.
Situated across the street from Chicago’s famous Blommer Chocolate Company headquarters, the property is at the intersection of Kinzie, Milwaukee and Des Plaines Avenues. The exceptional units were beautifully renovated and feature expansive layouts, 12-15 foot ceilings, and exposed brick & timber beams. The apartments also include granite counters, stainless steel appliances and in-unit laundry. Tenants also have quick and easy access to several CTA stations, as well as the Ogilvie Transportation Center.
Contact Essex Realty Group, Inc. today with any questions you have regarding this sale, or if you are interested in learning more about their current inventory.