RIVER NORTH 5-STORY MIXED USE RETAIL/PROFESSIONAL OFFICE BLDG
Listing was updated at: 04/24/2019
Property Overview
Price/Rent PSF $ 8,250,000.00
Asset Type Office
Trade Type Sale
SQ. FT. Available 18,840
Date Available 03/09/2019
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Floors 5
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Description

Location
A stylish urban neighborhood that borders the Magnificent Mile and is just across the bridge from the Loop, River North is the go-to district for those who appreciate fine art and design. And for those who appreciate fine dining and drinks, the momentum behind the latest trendsetting openings continues to build and the late night energy swells.

Dormant factories and industrial warehouses began their transformation in the 1970s and 1980s, becoming work spaces and studios for artists and entrepreneurs. What followed was an influx of new businesses that densely concentrated the area and have made River North a hub for creativity and entertainment. Anchoring the area is the massive Merchandise Mart, with its endless trade showrooms for furniture and design wholesalers, and surrounding this epicenter are eye-catching galleries, home stores and antique shops. And architectural standouts are plenty, from the twin corn cobs Marina City to its neighbor the stately, steel and glass 330 N. Wabash building by Mies van der Rohe.

Cultured by day, River North shifts into high gear by night. The dining scene is always buzzing-from knockout noodles and Spanish small plates to high-end steakhouses and famed pizzerias. Just about every type of cuisine is covered in this mix of award-winning restaurants and local favorites. And for some after-hours revelry, slip into any of the sleek new clubs, upscale wine bars and craft cocktail lounges that dot the scene.

Sale
Rare opportunity for an end/user or a value added investor to acquire this mixed use office/retail building located in the heart of River North. The property consists of a five-story loft building with approximately 18,840 square foot GLA situated on 3,247 square feet of land at the northeast corner of Hubbard and Wells St. The building offers elevator accessibility to all floors and benefits from its close proximity to the Merchandise Mart, the Merchandise Blue Line “L” stop and the Chicago’s Loop.

The Pink Taco restaurant leases the 1st & 2nd floors and the basement with professional office spaces on the 3rd, 4th and 5th floors. Spartan Surfaces, a specialty flooring distribution company, occupies the 3rd floor. They are headquartered in Bel Air, MD with showrooms in Washington D.C., New York City, and Chicago. Its geography encompasses the East Coast market from Florida through New York as well as regions in the Midwest. With over 95 employees in 23 states, Spartan continues to expand its footprint. O’Connor Title Services occupies the 4th floor. O’Connor Title Services, Inc., a 4th generation company after decades of service, mainly to second mortgage lenders, grew and expanded rapidly in the 1990s, adding a title insurance division, known as O’Connor Title Guaranty. O’Connor Title Guaranty is underwritten by First American Title. Ownership to provide a master lease of the 5th floor in the event it is not leased upon sale.

Location