Marcus & Millichap Arranges Sale of $16M Chicago Mixed-Use Property
Marcus & Millichap brokered the sale of a mixed-use property including 22 multifamily units and five commercial suites in Chicago, Illinois, for $15.5 million.
“This was a rare opportunity to acquire a well-maintained, mixed-use asset on a high-profile Wicker Park corner with immediate upside in apartment rents,” said Kyle Stengle, senior managing director investments. “With continued rental demand, low new supply and room to bring rents to market level, the property is well positioned for long-term growth.”
Stengle, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, Stocking Urban, LLC. The property is located at 1542 N. Damen Ave. and 2010 W. Pierce Ave. in Chicago’s Wicker Park neighborhood.
The residential units include a mix of one- and two-bedroom floor plans, with garage and outdoor parking available. The commercial suites are fully leased to La Colombe, Urbanbelly, Blue Line Lounge & Grill, Eccentric Fitness and the Kadampa Meditation Center.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout