|Image from Crain's|
Apartment investor Marc Realty Residential LLC paid $4.7 million for a vacant seven-story office building in the South Loop, a property poised for conversion to housing.
An affiliate of the Chicago-based company acquired the 146,088-square-foot loft building at 2036 S. Michigan Ave., once home to a Studebaker showroom. MRR declined to discuss its plans for the property, but the firm specializes in rental housing. CBRE Inc., the brokerage that sold the building, pitched it “as an excellent adaptive reuse for conversion to a variety of uses including residential or self-storage.”
A redevelopment would make sense given the South Loop’s transformation into a residential neighborhood, a process that sped up during the condominium boom of the last decade. The state of Illinois rented space in the building for decades but moved out in 2011.It's not surprising to see this and while retail development is still slow, things are bound to pick up as the green line stop at Cermak becomes a reality.