Millennium Properties R/E, a premier boutique real estate brokerage and property management company in Chicago, sold a 1.8 acre riverfront development site in the South Loop at auction for $7.75 million. Millennium Properties auctioned the property at 800 S. Wells on behalf of the bankruptcy court, securing a stalking horse bidder and overseeing the auction to qualified bidders. After an intense public auction, CMK Development, who had been the stalking horse bidder, purchased the property.
With 158 feet of frontage on the Chicago River, the 77,258 square foot site is currently used as a parking for the adjacent River City Condominiums. Previously approved development plans include a condo tower with 276 residential units and six townhomes. Printer’s Row and the South Loop have enjoyed tremendous growth over the past decade and a number of new residential condo and multi-family projects are currently under construction.
“We had a lot of developers interested in this property and the combination of a sealed bid and a public auction raised the purchase price 60% from the winning stalking horse offer,” said Daniel J. Hyman, president of Millennium Properties. “This was one of the rare occasions that all parties involved in the bankruptcy proceedings benefitted, due to our aggressive marketing campaign as well as the location of the site. The South Loop remains one of the hottest markets for multi-family and residential condo development due to its proximity to downtown as well as the neighborhood amenities.”