Greenstone Partners sold the development site located at 627 W. Randolph Street in Chicago’s booming West Loop neighborhood. Greenstone represented the seller in the transaction and procured the buyer. Terms of the sale were not disclosed.
The existing parking lot property consists of 6,531 square feet of land and is positioned on the southeast corner of Randolph and Des Plaines Streets. The buyer was drawn to the development site based on the property’s strong location, the existing DX-7 and TOD zoning and the property’s centralized location between the emerging Fulton Market/West Loop and Chicago’s Loop.
The site is within 800 feet of the Ogilvie Metra station, which sees nearly 40 million passengers per year. In addition, the property is less than 900 feet from the Clinton ‘L’ station and a five-minute walk from Randolph’s ‘restaurant row’. The West Loop submarket has recorded a 63 percent population growth in the last decade.