Greenstone Partners closes on sale of Lincoln Park mixed-use building

Greenstone Partners brokered the sale of 907 W. Armitage Avenue in Chicago, a 4,800-square-foot, mixed-use building. Greenstone Partners procured the buyer, an out-of-state, publicly traded REIT that closed in under 15 days of executing the purchase agreement. The seller is a Chicago-based private investment group.

Located along Lincoln Park’s most desirable retail thoroughfare, consistently high commercial occupancy rates have kept rents steadily rising. Armitage Avenue is among Chicago’s top omnichannel retail destinations with tenants including Bonobos, Warby Parker and Outdoor Voices. Kiehl’s (L’Oréal USA) recently executed a long-term lease renewal. The four two-bed/one-bath apartments above Kiehl’s have been renovated and benefit from a highly desirable location just steps from the Armitage Brown and Purple Line “L” Station.