Marcus & Millichap brokered the sale of a redevelopment opportunity in Chicago’s Lincoln Park. The property consists of a 5,524-square-foot former UFC gym property located on the Clybourn corridor. The asset sold for $1,325,000.
Mitchell Kiven, an investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a former owner/occupant who had owned the property for several decades. The buyer, a high-end condo and apartment developer, was secured and represented by Kiven,
Located at 2219-2221 N. Clybourn Avenue, the site’s various uses over the year mirror the development trajectory of the Clybourn corridor and its place on the border between the city of Chicago’s industrial history and its more cosmopolitan future. This is an older, non-conforming, single-story retail building that has been used as a meat-packing facility, a shower-door showroom, a running store and, in its final incarnation, as a UFC branded gym.
The buyer plans to knock down the existing building in order to develop a luxurious eight-unit, mixed-use condo building on this double city lot. Located within close proximity of Sterling Bay’s Lincoln Yards development, this property has access to both the accessibility of the nearby intersection of Clybourn and Webster, as well as leafy views from the rear of the property onto idyllic Janssen Avenue. Downtown Chicago skyscrapers will be visible from both the interior and outdoor spaces of the top floor units of the new development.
2219-2221 North Clybourn initially went under agreement in February of 2020 but fell apart as a result of the global pandemic. Kiven continued marketing the property and put it back under contract in May of 2020. The buyer was able to finalize his plans and obtain permits and approvals from the city while under contract. The transaction closed at the end of October.
