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CHICAGO-Mother Hubbard Properties, based here, has purchased two buildings at 110-112 W. Hubbard St. in the River North area. The sales price for both buildings was a total of $6.3 million. The buildings have a total of 38,300 sf combined. The sellers were represented by Ed Barnett, Rodger Chenore and William Berndt, all with Paine/Wetzel-Oncor International. The seller of 110 W. Hubbard St. is 110 Development Co., based here, and the seller of 112 W. Hubbard St. is an individual from Chicago, Barnett says.

Both sellers are connected to Travel Technology, which is leasing 12,000 sf in the 110 W. Hubbard building, he says. Barnett said there was not a cap rate for the sale because the 112 W. Hubbard building is vacant and both buildings will be redeveloped.

Mother Hubbard Properties plans to renovate the bottom floors of buildings into retail showrooms, Barnett says. An estimate of the renovation costs was not available. The building at 110 W. Hubbard St. has four stories plus a lower level and the building at 112 W. Hubbard St. has three stories plus a mezzanine and a lower level, he says.

Both buildings were constructed around 1900, Barnett says. The upper floors of the buildings will be marketed as office space. The asking lease rate for the buildings will vary depending on the floor, but they expect to receive between $16 to $17 per sf net, Barnett tells GlobeSt.com. The lease term for Travel Technology was not disclosed.

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