Monday, January 25, 2021

Sale Shows "Some Positive Light" about South Loop Property

When you read about real estate transaction deals they tend to be pretty dry.  However, every once in awhile you'll read something that catches your eye.  Such is a recent story we read about a sale on the south end of the Sloop (via REjournals):

Located at the corner of Michigan Avenue and Cullerton Street in the South Loop, the vacant site offers a 13,107-square-foot footprint on a parcel zoned DX-5. The asset sold for $2.6 million.  

“There was a lot of early traction on this deal and it closed within 50 days of bringing it to market; but with industry-wide financing hurdles resulting from COVID in conjunction with construction costs rising at a torrid pace, it wasn’t surprising that most of that interest didn’t come from developers,” said Neems. “The interested parties, including the end buyer, were mostly build-to-suit owner-users which I think sheds some positive light on the South Loop as it shows that businesses are still optimistic of what’s to come in the area.”

Good to see some bullish buyers.


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