North Wells Capital in $16M Acquisition of Chicago Development Site
“With its mixed-use zoning, this development site holds exciting possibilities for any investor," says Chris Sackley of Greystone.
CHICAGO, IL—North Wells Capital purchased a prime River North development site in Chicago, IL, from 707 North Orleans, a limited liability company, for $15.8 million in an all-cash transaction. Bill Montana and Chris Sackley of Greystone Real Estate Advisors represented the seller in the transaction.
“With its mixed-use zoning, this development site holds exciting possibilities for any investor, and there was a range of interest with varied proposed use during the marketing of this asset,” says Sackley, a managing director with Greystone. “With the buyer’s intended plans to add office space to this desirable neighborhood, the ultimate vision of live-work-play can be realized for more residents within Chicago. We are thrilled to have represented the seller on this transaction.”
Located at 300-328 West Huron Street, the site includes 32,503 square feet across 11 contiguous parcels. In a neighborhood surrounded by luxury residential, boutique hotels, fine dining, art galleries, and sought-after nightlife, the offering received a tremendous amount of investor interest. Previously operating as a parking lot, the asset’s proximity to the Chicago Avenue ‘L’ station was also a big draw for developers.
“Many of Chicago’s best offerings in retail, dining, and culture are within close proximity to this site, which explains the high interest and excitement around what could be added to River North,” says Montana.