Marcus & Millichap recently closed the sale of Chicago Urban Retail, an 18,575-square-foot retail property located one block from the Belmont CTA stop in Chicago. The building sold for $6.065 million.
Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a local investment group. The buyer, an out-of-state, east coast investor, was procured by Brewster Hague, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office. The buyer also assumed the existing financing.
Chicago Urban Retail is located at 851 W. Belmont in Chicago at the corner of Belmont and Clark in the popular neighborhood of Lakeview. The property is well-positioned in a dense market with incredibly high barriers to entry.
The subject property is currently 100 percent occupied by I Dream of Falafel, Lakeview Smiles and The Annoyance Theatre. All three tenants recently executed 10-year leases.