JLL Capital Markets closed the $88.25 million sale of Cobbler Square, a historic 292-unit apartment community in Chicago’s Old Town neighborhood.
JLL represented the seller. The buyers were JDL Development, LLC and Centaur Capital Partners.
Cobbler Square is strategically located at 1350 N Wells St., occupying an entire city block in the heart of Old Town. This prime location provides residents with easy access to Chicago’s best attractions, including restaurants, entertainment venues, North Avenue Beach and Lincoln Park. The property boasts an exceptional 99 Walk Score, reflecting its highly walkable urban setting.
Originally built in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted to residential use in 1985. The community offers a unique mix of studios, one- and two-bedroom loft-style apartments with 12-18 foot ceilings, appealing to a wide demographic of tenants. The property also features approximately 19,038 square feet of fully leased retail space.
Cobbler Square presents significant value-add potential for the new owner, with opportunities to continue the programmatic renovation plan for unit interiors. Additionally, the property offers two exciting development opportunities: potential construction on an adjacent parking lot and the possibility of adding units above an existing parking garage.
Chicago is the third-largest city in the United States, with a metropolitan population of over 9.4 million. The city boasts a diverse economy, world-class cultural institutions, and a growing tech sector, making it an attractive destination for both businesses and residents.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Directors Mark Stern and Kevin Girard, Director Zach Kaufman and Senior Analyst Sam Grohe.
