For Sale 30,415 SF Land Site Chicago's "Motor Row" District

Listing was updated at: 09/23/2019
Property Overview
Price/Rent PSF $ 6,750,000.00
Asset Type Land
Trade Type Sale
Acres Available 0.70
Date Available 09/23/2019
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Located in Chicago’s South Loop on South Michigan Avenue in the historic “Motor
Row District”

Jameson Commercial is pleased to bring to market this 30,415 SF land site. The property
is located in Chicago’s South Loop on South Michigan Avenue in the historic “Motor
Row District” conveniently located adjacent to McCormick Place and just a 4-minute
walk to the new CTA Greenline station. Although located in a historic district, the
site is one of the few unencumbered with historic landmark designation. A radical
transformation of the area is occurring with a number of significant new developments
underway to transform the surrounding neighborhood into a vibrant entertainment
McCormick Place, the nation’s largest convention center, boasts over 170 meeting
rooms and 2.6 million square feet of Exhibition Halls. It has secured more than $6 Billion
in new, recommitted, or extended shows. Through Elevate Chicago, McCormick Place
and Navy Pier are undergoing $1.1 Billion in transformational development projects.
Chicago’s South Loop is one of the city’s fastest growing neighborhoods. There are
more than a dozen active developments currently under construction in the South Loop
including the Marriott Marquis Hotel, the Wintrust Arena, the 22 story McHugh Hotel
Development, McCormick Square and the 14 -acre 3,600 unit Riverline Project
To help support development and investment in the South Loop, a new $50 million
Cermak-McCormick Place Train Station was recently opened to service. The station
is within walking distance of the Motor Row entertainment district and McCormick
Place. City officials and developers are optimistic that the new access to rapid transit
will help accelerate the expansion of businesses and housing in the South Loop area.
The property is currently leased to Burger King Corporate via a 5-year absolute NNN
lease extension expiring in February, 2021. Current NNN rent is $4,500/month. The
landlord has a right to terminate with a 12-month notice.