Baird & Warner, Illinois’ largest family-owned independent real estate services company, today announced it has brokered the closed $6.2 million sale of a mixed-use property in Chicago’s Downtown Streeterville neighborhood. Located at 212 E. Ohio St., one block east of Michigan Avenue’s Magnificent Mile, the five-story building contains nearly 29,000 square feet of rentable retail and office space. It is 100% leased by tenants, including @properties Christie’s International Real Estate.
Broker Brant Sichko from Baird & Warner’s North Center office represented the buyer in the deal, which closed on Dec. 27, 2022, and set a highest-dollar transaction record for the company’s North Center office. The property’s sellers, Theus Property Holdings LLC and Miden Property Holdings LLC, were represented by @properties agents Mike Rourke and Dan Stratis. The buyer’s attorney was Ryan B. Evans of DKM&O Attorneys.
Sichko had worked with the buyer on previous residential acquisitions, including a single-family residence and several multi-unit investment properties in Chicago. The purchase of 212 E. Ohio St. represents the first foray by Sichko’s client into commercial real estate. It comes at a time when Chicago’s downtown office vacancy rate hit an all-time high of 21.4%, according to Q4 2022 data from real estate services firm CBRE.
Constructed in 1965 in the Modernist style, 212 E. Ohio St. has been updated and well-maintained by the sellers, Sichko said. In addition to containing support offices for @properties, the building also houses Central City Productions, an African-American-owned television production company. It was the building’s capitalization rate and favorable DX-12 Downtown Mixed-Use zoning that made the deal especially compelling as a long-term investment, Sichko added.
The property at 212 E. Ohio St. is just five blocks from the CTA Red Line station at Grand Avenue and is also in close proximity to multiple CTA bus routes as well as DuSable Lake Shore Drive. Nearby amenities include a variety of restaurants, retail shops, high-rise apartment buildings, the Chicago Lakefront Trail and Navy Pier.
