Two years ago, the $1.35-million deal called for the property to be converted into multifamily rental units. This time, the plans of 420 Lofts LLC, which paid $4.5 million for the property, is to convert the space into 30 luxury loft condominium units. Despite plenty of competition, Goldberg believes the buyer can buck the market trend.
"This is one of the hottest areas in the city," Goldberg says. "There are condo developments everywhere around this property. However, this unique building is one of the last timber loft properties available in the River North area."
Goldberg represented the seller, Park Ridge, IL-based BJB Partners, along with Inland sales associates Alexander Cue and Wayne Caplan. IGL Real Estate vice president Teri Lind represented 420 Lofts LLC.
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