Greenstone Partners Closes Off-Market West Loop Land Sale
Greenstone Partners completed the $4.35 million sale of 1276 W Washington Boulevard, a development site in Chicago’s West Loop neighborhood.
Danny Spitz and Malek Abdulsamad of Greenstone Partners represented the seller and buyer in the transaction. The property was a 14,850-square-foot parcel of land owned by a longtime Greenstone client. Greenstone evaluated several development scenarios before identifying boutique condominium development as the strongest use for the property, ultimately securing a buyer who plans to develop the site as a condominium project.
“There are a limited amount of land sales in the current market, particularly for larger-scale development,” said Danny Spitz, Managing Partner at Greenstone Partners. “In today’s financing environment, smaller, as-of-right projects are more attainable, making opportunities like this especially attractive to developers.” The site’s as-of-right zoning was a key component of the transaction, allowing the buyer to pursue development without the lengthy and discretionary zoning process.
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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
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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