Greenstone Partners sold 2471-2479 North Clark Street, a 4,350-square-foot two-tenant corner retail building on 5,208 square feet of land along North Clark Street and West Roslyn Place in Chicago.
The property is located in Chicago’s East Lincoln Park neighborhood and is 100% occupied by Steve Quick Jeweler and Restore Hyper Wellness. The asset sold for $2.3 million or $529 per square foot.
Steve Quick Jeweler has been operating since 1986 and at the property since 1999 and recently signed a new 5-year net lease. Restore Hyper Wellness entered a new 10-year net lease, extensive renovation and upgrades to the premises. The property is one block from the eponymous Lincoln Park and 1/2 mile west of Lake Michigan.
Greenstone Partners’ Brewster Hague and Danny Spitz exclusively represented the seller, a Chicago-based developer and procured the purchaser, a 1031-exchange buyer based in Wisconsin. Through the exclusive marketing process, the team created a competitive bid process whereby the buyer closed the transaction within 8 days of contract execution. The closing represents Greenstone’s 54th investment sale in the Lincoln Park/Lakeview submarket, representing a total transaction volume of $188,207,000.
