|Lakeside Bank's current location @ 2141 S. Indiana|
The Chicago convention authority's plan to build an arena and hotel next to McCormick Place has worked out well for at least one Chicago property owner.
JRG Capital Partners LLC sold a site at 1344 S. Michigan Ave. to Lakeside Bank, which needs the South Loop parcel for a new branch because its office across from the convention center is getting the boot to make room for the arena and hotel. JRG sold the 21,301-square-foot Michigan Avenue property for $5.3 million, an 87 percent jump from the $2.9 million the Chicago-based investment firm paid for it in May, said Cheri Grossman, JRG's senior acquisitions officer.
Not only is Lakeside Bank acquiring what seems to be a more desirable location for their bank, the article goes on to say that the bank and McPier have settled on a preliminary figure of $9.6 million for the parcel on Indiana and Cermak.
Should be interesting to see how it all plays out.
For some additional background, here is a post we did about Lakeside Bank moving somewhere close to 14th and Michigan. And here is an old post about the marketing for the sale of 1344 S. Michigan.